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Palm oil edges higher

November 30, 2018


KUALA LUMPUR: Malaysian palm oil futures touched a three-day high on Thursday on expectations that production gains will taper off at the end of the year.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 per cent at 2,027 ringgit ($484.58) a tonne at the close, a second straight day of gains after three days of losses.

During the session, it had climbed as much as 1.2pc to a three-day high of 2,038 ringgit. For November, prices are down 5.8pc so far after hitting a three-year low of 1,940 ringgit on Tuesday due to weak demand and after the world’s top exporter Indonesia said it would temporarily remove a levy on palm oil. Trading volumes stood at 47,197 lots of 25 tonnes each at the close of trade.

Published in Dawn, November 30th, 2018