Palm sets for weekly gains
Malaysian palm oil futures extended gains for a second day, supported by stronger edible oil prices on China’s Dalian Commodity Exchange and a weaker ringgit. The benchmark May contract on Bursa Malaysia Derivatives Exchange rose 1.09% to 4,253 ringgit per ton, heading for a 5.2% weekly gain. 🌴📈
JAKARTA: Malaysian palm oil futures rose for a second consecutive session on Friday and were poised to post weekly gains, supported by strength in Dalian edible oils and a weaker ringgit.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 46 ringgit, or 1.09%, to 4,253 ringgit ($1,077.53) a metric ton by 0232 GMT.
The contract has risen 5.2%, its highest weekly gain since the week of August 11.
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Source : Business Recorder
