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Markets

Palm oil gains for fifth straight day on stronger soyoil, crude

  • Palm touched 10-year highs on Monday before closing 3.6% higher.
Published March 9, 2021

KUALA LUMPUR: Malaysian palm oil futures rose for a fifth straight session on Tuesday, tracking gains in crude and soyoil, as adverse weather in South America stoked supply concerns.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 33 ringgit, or 0.85%, to 3,911 ringgit ($948.12) a tonne in early trade.

Palm touched 10-year highs on Monday before closing 3.6% higher.

Traders are awaiting official February supply and demand data, and cargo surveyor export data due on Wednesday.

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