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Palm oil gains 2% as crude, soyoil rise

  • The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 74 ringgit, or 2.1%, to 3,618 ringgit ($895.32) a tonne during early trade.
23 Feb 2021

KUALA LUMPUR: Malaysian palm oil futures rose for a third consecutive session on Tuesday, tracking a rally in crude oil and rival soyoil, but expectations for higher output capped gains.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 74 ringgit, or 2.1%, to 3,618 ringgit ($895.32) a tonne during early trade.

Industry groups estimate palm oil production in Malaysia during the first 20 days of February rose by 5% to 15%, while the pace of exports in the same period slowed, according to traders.