Malaysian palm oil futures rose for a second consecutive session on Tuesday amid hot weather in key producer Malaysia, while strong export data and firmer rival oil prices lent support.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 66 ringgit, or 1.67%, at 4,010 ringgit ($839.61) a metric ton by the midday break.
Bad weather in Malaysia has contributed to higher prices, said Mitesh Saiya, trading manager at Kantilal Laxmichand & Co, adding that “good” palm oil exports lifted sentiment.
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.