Malaysian palm futures gained 1.2 per cent today, touching a 8-month high after healthy export data triggered concerns about a possible stock drawndown.
Strength in Dalian soyoil markets has also been boosting palm oil, which has risen nearly 50 per cent so far this year.
“Exports were around the same levels but there is talk of
lower production and therefore, lower stocks,” said a trader with a foreign commodities brokerage.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange rose as much as RM37 to RM2,522 per tonne, a level unseen since September 3.
By midday, the contract stood at RM2,514. Other traded months rose between RM5 and RM34. Overall volume jumped to 9,262 lots of 25 tonnes each. - Reuters
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