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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

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