Palm oil ends 1pc higher

Published November 20, 2019

KUALA LUMPUR: Malaysian palm oil futures rose 1 per cent on Tuesday, recovering from two consecutive sessions of losses, tracking strength in rival oils and weakness in ringgit.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange extended gains closed at 2,622 ringgit ($630.90) per tonne, after shedding 0.4pc in the previous session.

Palm oil rose as it tracked rival oils on the Dalian Commodities Exchange, which jumped on ­speculation that prices may move higher towards the end of the year, a Kuala Lumpur-based trader told Reuters.

Elsewhere, soyoil on the Chicago Board of Trade gained 0.7pc. Palm is affected by price movements in related oils as they compete for share in the global vegetable oils market. Also supporting prices was a weaker ringgit, which fell 0.1pc against the dollar, making the edible oil cheaper for holders of foreign currencies.

Published in Dawn, November 20th, 2019

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...