Palm oil surges

November 23, 2019

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KUALA LUMPUR: Palm oil futures touched a more than two-year high on Friday, lifted by prospects of lower production and stockpiles, and costlier soyoil on the Chicago Board of Trade, but cheaper rival oils on the Dalian capped gains.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed 2.9 per cent higher to 2,743 ringgit ($657.79) per tonne.

Earlier in the session, it hit 2,755 ringgit, the highest price since November 16, 2017. The contract traded 0.4pc lower in early trade. The recovery was due to expectations of lean supply and stocks, two Kuala Lumpur-based traders said.

Published in Dawn, November 23rd, 2019