KUALA LUMPUR: Malaysian palm oil futures gained more than 3 per cent at the close of trade on Friday, snapping five previous losing sessions, supported by short covering and forecasts of falling February production versus the previous month. Strength in related edible oils and a weaker ringgit had also added to palm’s gains earlier in the day.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange jumped 3.2pc to 2,189 ringgit ($537.57) a tonne at the close of trade, its biggest daily gain since October 2016.

Published in Dawn, March 2nd, 2019