Markets

Palm gains 1% as US cuts soybean supply forecast

  • The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 39 ringgit.
Published January 13, 2021

KUALA LUMPUR: Malaysian palm oil futures climbed 1% on Wednesday, recovering from two straight sessions of falls, as rival soyoil prices jumped after a widely watched US report cut its forecast for soybean supplies.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 39 ringgit, or 1.06%, to 3,734 ringgit ($923.23) a tonne in early trade.

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