Palm oil climbs

February 08, 2019


KUALA LUMPUR: Malaysian palm oil futures jumped 1.7 per cent to a more than seven-month high on Thursday, tracking strength in overnight US soyoil and on bullish forecasts for the vegetable oil, though the market pared gains towards the end of the session.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 0.5pc at 2,318 ringgit ($569.32) a tonne at the close. It earlier rose as much as 1.7pc to an intraday high of 2,344 ringgit, its highest since June 29. Trading volumes stood at 32,216 lots of 25 tonnes each at the end of the trading day.

Published in Dawn, February 8th, 2019