KUALA LUMPUR: Malaysian palm oil futures hit a more than 13-year high on Monday, as the market rallied for a ninth straight session, lifted by a jump in crude and rival edible oils due to tightening global supplies.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.41%, to 4,142 ringgit ($1,007.30) a tonne during early trade, its highest since March 4, 2008.
Palm is also set for its longest consecutive daily rising streak in nearly 19 years.
Investors are now awaiting cargo surveyors to announce March 1-15 export data but shipments are expected to remain slow amid lower stockpile and output.
Comments
Comments are closed for this article.