Palm oil gains

August 10, 2019

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KUALA LUMPUR: Malaysian palm oil futures extended gains on Friday evening to their highest in nearly three-and-a-half months, tracking US soy oil on the Chicago Board of Trade (CBOT) and related oils on China’s Dalian Commodity Exchange.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 2.1 per cent at 2,179 ringgit ($520.92) a tonne at the close for its strongest daily gain in two months.

Palm oil rose as much as 2.3pc to 2,185 ringgit, its strongest since April 22, on the way to a fifth straight session of gains, adding 5.7pc this week. “Dalian and US soy oil moved up strongly during the afternoon,” one Kuala Lumpur futures trader said.

US soy oil futures on CBOT had jumped 3.6pc on Thursday and was last up 1.7pc at 11:03 GMT on Friday.

Published in Dawn, August 10th, 2019