SINGAPORE: Malaysian palm oil futures rose 2.8% on Thursday on bargain buying and overnight rally in soya prices on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 2.8% higher at 2,790 ringgit ($672.78).
"Prices were supported by bullish recovery in soya oil futures on the CBOT overnight and some bargain buying from key support levels helping palm oil to trade higher," Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group, said.
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