KUALA LUMPUR: Palm oil futures jumped over 4 per cent on Tuesday, their highest in more than three weeks, as gains in related oils on the Dalian Commodity Exchange and a sliding ringgit powered sentiment.
The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was up 4.2pc at 2,282 ringgit per tonne at the close, charting its largest intraday gain in almost four years. “Overnight soybean oil supported Dalian futures, which in turn lifted palm today,” said a Kuala Lumpur-based trader, referring to the Chicago Board of Trade soybean futures. The trader added that a weaker ringgit also helped palm oil.
The January soyoil contract on Dalian rose 1.7pc, while the Dalian January palm oil contract climbed 2.6pc. The ringgit slipped 0.43pc against the US dollar to its lowest since Septe 6.
Published in Dawn, September 18th, 2019