Thursday February 29, 2024

Palm oil higher

August 18, 2018

Kuala Lumpur : Malaysian palm oil futures jumped over 1 percent in early trade on Friday, tracking strength in related edible oils on the U.S. Chicago Board of Trade and China´s Dalian Commodity Exchange.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was 1 percent higher at 2,244 ringgit ($547.05) a tonne at the midday break. It earlier rose 1.2 percent to 2,248 ringgit, its highest since Aug. 10. However, the market has gained 0.1 percent so far this week.

Trading volumes stood at 13,692 lots of 25 tonnes each at noon."External markets are bullish. Overnight it (soyoil) went up, therefore impacting palm," said a Singapore-based trader.

Palm oil prices are impacted by movements of other edible oils, as they compete for a share in the global vegetable oils market.