10,603.3551.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

Palm oil prices climb about 2% in line with soyoil, crude

Benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 43 ringgit, or 1.87 per cent, to 2,292 ringgit per tonne.

Last Updated: Apr 07, 2020, 08.52 AM IST
0Comments
Getty Images
palm-oil-getty
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
KUALA LUMPUR: Malaysian palm oil futures rose nearly 2 per cent on Tuesday along with rival oils and crude oil futures, despite concerns that the coronavirus pandemic will cut demand.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 43 ringgit, or 1.87 per cent, to 2,292 ringgit ($527.50) per tonne by 0241 GMT.

FUNDAMENTALS
Oil rose by more than $1 on Tuesday amid hopes that the world's biggest producers of crude will agree to cut production, even though analysts cautioned it may do little to boost demand. Stronger crude oil futures make palm a more appealing option for biodiesel feedstock.

Dalian's most-active soyoil contract gained 1.34 per cent, while its palm oil contract rose 1.45 per cent. Soyoil prices on the Chicago Board of Trade were also trading up 1.01 per cent.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Malaysia's palm oil exports during April 1-5 rose 10.6 per cent from a month earlier, cargo surveyor Intertek Testing Services (ITS) said on Monday.
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Also Read

Palm oil gains on stronger crude, soyoil

Palm snaps 5-day losing streak on higher soyoil, crude prices

Palm oil prices edge higher for second day as crude, soyoil rise

Palm oil gains on higher crude and soyoil, better May exports

Palm oil slips on weaker soyoil, but crude oil gains cap losses

Palm oil prices extend gains on crude rebound, higher soyoil

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service