KUALA LUMPUR: Malaysian palm oil futures rose on Tuesday, recovering from more than 2 percent losses in the previous two sessions, as it tracked gains in global crude oil prices and rival oilseed soy on the CBOT.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 2,715 ringgit ($645.97) a tonne at the midday break, its best intraday percentage gain in nearly two weeks. Traded volumes stood at 17,004 lots of 25 tonnes each at noon. "We´re seeing some short covering today. There is also stronger crude oil prices," said a futures trader from Kuala Lumpur.
Oil prices extended gains on Tuesday, with Brent crude hitting a 26-month high, supported by Turkey´s threat to cut crude flows from Iraq´s Kurdistan region to the outside world.
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