Palm oil recovers

October 02, 2019

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JAKARTA: Malaysian palm oil futures rebounded on Tuesday, helped by an increase in soyoil prices, after falling to their lowest in almost eight weeks in the previous session.

The benchmark palm oil contract for the December delivery on the Bursa Malaysia Derivatives Exchange rose 1.6 per cent to 2,168 ringgit ($517.05) per tonne, its biggest single day gain in two weeks. The benchmark recovered the 1.6pc decline it made over the previous two sessions.

“Palm oil continues to track soy, while (the) market is following closely on production data,” a palm trader in Kuala Lumpur said.

Published in Dawn, October 2nd , 2019