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Palm oil rises

August 29, 2018


KUALA LUMPUR: Malaysian palm oil futures rose more than 1 per cent to a one-week high on Tuesday evening, supported by a bullish price outlook by an analyst at an industry conference in Kuala Lumpur.

Overnight gains in US soyoil on the Chicago Board of Trade also lent support to palm, said traders.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was 1.5pc higher at 2,232 ringgit ($543.73) a tonne at the end of the trading day, its strongest daily gain in a month. Trading volume stood at 46,743 lots of 25 tonnes each in the evening.

Speaking at an industry conference on Tuesday, Mielke also said he expected Malaysia’s palm oil production to dip this year due to lower yields.

However, production is likely to increase in 2019.

Published in Dawn, August 29th, 2018