MUMBAI: Malaysian palm oil futures snapped a seven-day losing streak on Thursday to rebound from their lowest level in more than three-years as gains in rival soyoil sparked off bargain buying.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed up 0.35 per cent at 1,980 Malaysian ringgit ($472.55) a tonne.
It hit its lowest since August 2015 at 1,965 ringgit on Wednesday and had declined about 8.5pc in the previous seven sessions of falls.
Trading volumes stood at 43,917 lots of 25 tonnes each on Thursday. “At lower levels, demand is slowly emerging. The upside in soyoil giving buyers confidence,” said a Kuala Lumpur-based trader.
Palm oil prices are affected by movements of other edible oils as they compete for a share in the global vegetable oil market.
Published in Dawn, November 16th, 2018
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