KUALA LUMPUR: Malaysian palm oil futures gained for a second straight session on Monday, underpinned by bargain buying and data indicating a slower rate of decline in February exports amid hopes that Chinese demand will recover from the effects of coronavirus.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 23 ringgit, or 0.88 per cent, at 2,650 ringgit ($640.41).
Palm oil fell 5.4pc last week on lower exports to the vegetable oil’s two largest markets, India and China.
Malaysia palm oil exports between Feb 1 and 15 dropped 6.7pc-10pc from a month before, according to cargo surveyors, compared with the 20pc-29.4pc drop over the Feb 1-10 period.
Published in Dawn, February 18th, 2020