03/01/2018 (DAWN.com) - KUALA LUMPUR: Palm oil futures rose more than 1 per cent on Tuesday evening, tracking related edible oils and supported by improving export demand.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Deri­vatives Exchange rose 1.2pc to 2,532 ringgit ($630.16) a tonne at the end of the trading day. It earlier hit 2,548 ringgit, its highest since Dec 18. Trading volumes stood at 29,942 lots of 25 tonnes each at the close of trade.

“Hefty gains in Dalian and soybean oil may lend support and uplift palm futures market sentiment,” one Kuala Lumpur-based tra­der said, referring to overnight soyoil on the Chicago Board of Trade and related edible oils on China’s Dalian Commodity Exchange.

The market is also reacting to strong exports, said an­­other trader in Kuala Lumpur. Palm oil shipments from Malaysia, gained 6.7pc month on month in De­­cember on stronger demand from Europe and India, according to data from cargo surveyor Intertek Testing Services.

Published in Dawn, January 3rd, 2018