Palm oil up 0.8%, heads towards 3,000 ringgit
Malaysian crude palm oil futures rose 0.8% on Wednesday, heading towards the key 3,000 ringgit level as investors flooded back into the market to take positions on expectations of surging Asian festival demand.
KUALA LUMPUR: Malaysian crude palm oil futures rose 0.8% on Wednesday, heading towards the key 3,000 ringgit level as investors flooded back into the market to take positions on expectations of surging Asian festival demand.
Palm oil, stricken in recent weeks by weakening crude oil prices and a massive stock build-up, wiped out all its gains for this year but has now ended its three-day losing streak. The benchmark October contract on the Bursa
Malaysia Derivatives Exchange settled up 23 ringgit at 2,992 ringgit ($917) after going as low as 2,909 ringgit.
Tokyo rubber dips 0.8% on weak crude oil.
Palm oil, stricken in recent weeks by weakening crude oil prices and a massive stock build-up, wiped out all its gains for this year but has now ended its three-day losing streak. The benchmark October contract on the Bursa
Malaysia Derivatives Exchange settled up 23 ringgit at 2,992 ringgit ($917) after going as low as 2,909 ringgit.
Tokyo rubber dips 0.8% on weak crude oil.
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