Palm oil gains

February 13, 2020


KUALA LUMPUR: Malaysian palm oil futures snapped a three-day losing streak on Wednesday, inching up on short covering and following a report that India was issuing licences to import refined palmolein imports from Nepal.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange closed to trade up 14 ringgit, or 0.52 per cent, to 2,709 ringgit ($655.14) a tonne.

Palm oil fell as much as 1.4pc earlier in the session, dragged lower by the steeper-than-expected fall in exports following India’s import curbs and the fast-spreading coronavirus disrupting supply chains and consumer spending in China.

Published in Dawn, February 13th, 2020