Saturday, 13 August 2016

Malaysian palm oil price hits 2-month high on tight supplies

Malaysian palm oil futures hit a two-month high on Friday, achieving a fourth session of gains in five, due to tight physical supplies of the tropical oil.

    Benchmark palm oil futures for October on the Bursa Malaysia Derivatives Exchange rose 1.7 percent to 2,525 ringgit ($627) per tonne in the evening. The price earlier rose to an intraday high of 2,551 ringgit, its highest levels since June 13.

    Palm reached a weekly gain of 4.9 percent, its strongest weekly climb since February.

    Traded volumes stood at 73,297 lots of 25 tonnes each at the closing trade, higher than last year's average of 44,600.

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