Pakistan News

Palm oil hits two-week high

Palm oil hits two-week high

KUALA LUMPUR: Malaysian palm oil futures rallied to a two-week high on Thursday as traders took advantage of a falling ringgit, supported by gains in competing markets and signs that the El Nino weather phenomenon could already be hurting output in East Malaysia.

The August contract on the Bursa Malaysia Derivatives exchange was up 1.4 per cent at 2,206 ringgit ($605.88) a tonne by Thursday’s close. Prices earlier touched 2,219 ringgit, their highest since May 13.

Total traded volume stood at 43,601 lots of 25 tonnes each, well above the average 35,000 lots traded by close.

Benchmark palm prices have pulled up from more than three-week lows this week, following a surge in the Chinese and US soy markets, with robust export demand so far in May also fuelling the rise.

Published in Dawn, May 29th, 2015

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