Malaysian palm oil futures end up 2% on weather woes
Malaysian palm oil futures rose more than 2% on Friday, ending three straight days of decline on worries over expected heavy rainfall and technical buying.
By TNN |
KUALA LUMPUR: Malaysian palm oil futures rose more than 2% on Friday, ending three straight days of decline on worries over expected heavy rainfall and technical buying.
The benchmark third-month March contract on the Bursa Malaysia Derivatives exchange finished up 42 ringgit at 1,961 ringgit ($559) a tonne.
The country’s central and northern states are forecast to receive heavy rainfall over the weekend, media reports quoted meteorological department officials as saying.
Other traded contracts closed up between 23 and 48 ringgit. Overall volume stood at 19,720 lots of 25 tonnes each on Friday.
The benchmark third-month March contract on the Bursa Malaysia Derivatives exchange finished up 42 ringgit at 1,961 ringgit ($559) a tonne.
The country’s central and northern states are forecast to receive heavy rainfall over the weekend, media reports quoted meteorological department officials as saying.
Other traded contracts closed up between 23 and 48 ringgit. Overall volume stood at 19,720 lots of 25 tonnes each on Friday.
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