JAKARTA: Malaysian palm oil futures opened higher on Tuesday, heading for a second straight session of gains, supported by stronger rival vegetable oils and higher crude oil price.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit, or 0.24%, to 4,111 ringgit ($867.67) a tonne in early trade. Malaysian markets were closed on Monday.
Palm oil prices seen ticking up as rains slash output and demand strengthens
The contract edged higher on Friday, to post a 7% rise for the week on concerns over storms and a high risk of flooding during the year-end monsoon season, which typically lasts between October and January, that is likely to disrupt harvesting activities and hurt production in the world’s second-largest palm producer.
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