MARKET DEVELOPMENT
Palm Oil Prices up By 1.0% to $665 Per Tonne, Trade Reaches 66,704 Lots of 25 Tonnes
Palm Oil Prices up By 1.0% to $665 Per Tonne, Trade Reaches 66,704 Lots of 25 Tonnes
17/01/2015 (Custom Today) - Malaysian palm oil prices have increased as the No 2 grower braces for monsoon rains over the Borneo region.
Growers in Peninsular Malaysia are facing the aftermath of the worst monsoon floods in decades which destroyed palm oil transportation and processing infrastructure in the worst-hit states, making worse the weakness in palm yields already low due to seasonal reasons.
The benchmark March contract rose 1.0 percent to 2,367 ringgit ($665) per tonne by Thursday’s close. Total traded volume stood at 66,704 lots of 25 tonnes, above the usual 35,000 lots.
Growers in Peninsular Malaysia are facing the aftermath of the worst monsoon floods in decades which destroyed palm oil transportation and processing infrastructure in the worst-hit states, making worse the weakness in palm yields already low due to seasonal reasons.
The benchmark March contract rose 1.0 percent to 2,367 ringgit ($665) per tonne by Thursday’s close. Total traded volume stood at 66,704 lots of 25 tonnes, above the usual 35,000 lots.