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BANGKOK, May 15: Malaysian crude palm oil futures rose in heavy trading on Monday, backed by expectations of stronger palm oil demand for biodiesel due to high crude oil prices, dealers said.
The benchmark third-month July crude palm oil contract on Bursa Malaysia Derivatives in Kuala Lumpur ended up 19 ringgit at 1,467 ringgit a ton ($409.77) after trading as high as 1,483 ringgit.
The market went to a new high on heavy buying and speculation plus short covering earlier this afternoon before easing back on profit taking, a Malaysian trader in Kuala Lumpur said.—Reuters
