Palm oil edges higher

November 28, 2019

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SINGAPORE: Malaysian palm oil futures closed higher on Wednesday, supported by bargain buying after the previous session’s losses, although gains were capped by cheaper rivals on the Dalian and a stronger ringgit.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed 0.5pc higher at 2,690 ringgit ($645.08), after falling as much as 3.6pc in the previous session.

“Bargain hunting kicked in,” said a Kuala Lumpur based trader.

But cheaper rivals on the Dalian Commodities Exchange limited the gains. Palm oil is affected by moves in related oils as they compete for a share of the global vegetable oils market.

Published in Dawn, November 28th, 2019