Malaysian palm oil futures rose to a near three-month high on Monday, as a weaker ringgit and concerns that drier weather could curb output boosted prices.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange ended 1.6 percent higher at 2,441 ringgit ($568.07) a tonne. It earlier touched 2,457 ringgit, its highest since Sept. 29.
Traded volume stood at 35,603 lots of 25 tonnes each at the end of the trading day.
"There's a lot of people factoring in the weather," said a Kuala Lumpur-based trader, referring to an El Nino weather event which brings dry conditions to Southeast Asia and lowers palm's productivity.
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The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange ended 1.6 percent higher at 2,441 ringgit ($568.07) a tonne. It earlier touched 2,457 ringgit, its highest since Sept. 29.
Traded volume stood at 35,603 lots of 25 tonnes each at the end of the trading day.
"There's a lot of people factoring in the weather," said a Kuala Lumpur-based trader, referring to an El Nino weather event which brings dry conditions to Southeast Asia and lowers palm's productivity.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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