MARKET DEVELOPMENT
Malaysian palm oil gains
Malaysian palm oil gains
21.08.2022 (www.brecorder.com) - JAKARTA: Malaysian palm oil futures rebounded on Friday on stronger other vegetable oils after tumbling to a near two-week low in the previous session but headed for a weekly drop.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 97 ringgit, or 2.4%, to 4,140 ringgit ($925.14) a tonne during early trade.
Dalian’s soyoil contract increased 0.58%, while its palm oil contract rose 0.31%. Soyoil prices on the Chicago Board of Trade were up 0.71%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.