KUALA LUMPUR: Malaysian palm oil futures rose for a second straight session on Friday, tracking firmer US commodity markets overnight.
However, the vegetable oil was marginally down for the week, in what could be its second consecutive weekly drop.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.85pc at 2,025 ringgit ($485.96) per tonne.
Soybeans advanced in Chicago as weather worries threatened to curb production.
The Chicago July soybean oil contract closed at its highest in over six weeks on Thursday, while the September soyoil contract on the Dalian Commodity Exchange gained 0.8pc.
FUNDAMENTALS
US corn futures hit a near four-year high on Friday as concerns that North American farmers will be unable to complete planting pushed the grain towards a weekly gain of nearly 7pc.
Oil fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the world's key shipping routes.
MARKET NEWS
Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked US-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes.
The dollar held steady early in Asia on Friday, and was set to show a weekly rise as investor focus turned to next week's Federal Reserve meeting for cues on a possible interest rate cut in light of rising risks to trade and global growth.
US stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.
Comments
Comments are closed for this article.