Palm oil futures climbed on Monday after two consecutive sessions of losses, supported by a recovery in rival vegetable oils and weaker Malaysian ringgit.
The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange gained 54 ringgit, or 1.42%, to 3,863 ringgit ($807.48) a metric ton at closing. The contract had posted a 1.93% weekly drop on Friday.
“The futures opened gap higher following bullish momentum in Chinese vegetable oil futures and lower production estimates from SPPOMA for Feb. 1-15,” said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.current May contract,” said Chandran S, futures broker at Kuala Lumpur-based CGS International.
