JAKARTA: Malaysian palm oil futures opened higher on Tuesday, heading for a second straight session of gains, supported by stronger rival vegetable oils and higher crude oil price.
The benchmark palm oisl contract for January delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit, or 0.24%, to 4,111 ringgit ($867.67) a tonne in early trade. Malaysian markets were closed on Monday.
Palm oil prices seen ticking up as rains slash output and demand strengthens
The contract edged higher on Friday, to post a 7% rise for the week on concerns over storms and a high risk of flooding during the year-end monsoon season, which typically lasts between October and January, that is likely to disrupt harvesting activities and hurt production in the world’s second-largest palm producer.
As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed an increase of 27.13pc. The weekly SPI with base year 2015-16 =100 is covering 17 urban centres and 51 essential items for all expenditure groups.
While In Pakistan As Per Pakistan Bureau of Statistics SPI for the lowest consumption group up to Rs 17,732 witnessed 0.35pc increase and went up to 210.78 points from last week’s 210.05 points. Meanwhile, the SPI for the consumption groups from Rs 17,732-22,888; Rs 22,889-29,517; Rs 29,518-44,175 and above Rs 44,175 witnessed an increase of 0.37 percent, 0.37pc, 0.39pc and 0.32 percent respectively
12 thoughts on “Palm oil surge As demand strengthens”
Comments are closed.
[…] oil rose above MYR 4,200 on Tuesday, trading at levels not seen in two months, supported by a broad rebound in vegetable oils and weakness in the […]
Hello btrams.com webmaster, Your posts are always well-received by the community.
Dear btrams.com admin, Your posts are always well structured and easy to follow.
Dear btrams.com owner, Thanks for the well-researched and well-written post!
Dear btrams.com owner, Thanks for sharing your thoughts!
Hi btrams.com owner, Keep the good content coming!
Hello btrams.com owner, You always provide great examples and real-world applications.
Hello btrams.com webmaster, Thanks for the well-organized post!
Hi btrams.com administrator, Your posts are always well researched.
To the btrams.com owner, Your posts are always informative and well-explained.
Dear btrams.com owner, Your posts are always informative and well-explained.
Hi btrams.com administrator, Your posts are always well received by the community.