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KUALA LUMPUR: Malaysian palm oil futures snapped a three-day losing streak on Wednesday on bargain buying amid strong demand for exports.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange ended up 33 ringgit, or 0.83%, at 4,015 ringgit ($896.21) a tonne, after hitting a near one-month low in the previous session.
Malaysia’s exports from March 1 to 15 rose between 55% and 72% from the same period in February, freight researchers said.
The UK government is planning to remove import duties on palm oil from Malaysia, the price of joining the Asia-Pacific trade deal, the Financial Times reported on Tuesday, said people involved in the talks.
Talks are continuing to extend a deal to allow grain shipments from Ukraine’s Black Sea ports ahead of a deadline later this week, the United Nations and Turkey said on Tuesday, after Kyiv rejected a Russian push for an extension. 60 less.
Palm oil closes near one-month low on economic fears
Dalian’s best-performing soyoil contract fell 0.5%, while its palm oil contract gained 0.9%. Soyoil prices on the Chicago Board of Trade fell 0.4%.
Oil prices rose as OPEC’s strong outlook on Chinese demand helped offset bearish global investor sentiment in the wake of recent US bank failures, making oil a more attractive option for biodiesel feed.
Meanwhile, Malaysian palm oil and rubber producers sent a petition to the European Union to protest against a new law banning imports into a group of products linked to deforestation risks.
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