Asia

Markets - Commodities - Asia

Palm extends gains, tracks jump in crude oil prices KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, tracking crude oil prices that surged as fighting in the Middle East intensified.Brent prices shot up nearly 6 percent after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, but the benchmark came off its high near $60 as importers saw no immediate threat to supplies.Higher crude prices could attract interest for palm-based biodiesel. Demand for palm from the biodiesel sector has taken a hit as a rout in oil prices over the past year made palm unattractive for blending purposes."Crude oil went up sharply on the back of the uncertainty in the Middle East. Malaysian palm oil got a ride from that," said a trader with a foreign commodities brokerage in Kuala Lumpur."There was a lot of covering in palm," the trader added. "Strength in crude oil is favourable for biofuel."The benchmark June contract on the ...
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