Palm oil jumped 10% while rival soybean oil hit a fresh record high as traders prepare for the start of Indonesia’s export halt.
Palm oil futures for July delivery rose by the 10% trading limit before closing 9.4% higher at 7,001 ringgit ($1,606) a ton, the highest since March 9. Prices are on track for a 23% gain this month. Soybean oil, palm’s closest rival, climbed 2.3% to a fresh record in Chicago.
Palm oil is processed and shipped in different forms. Crude palm oil comes from crushing the fruits of the oil palm tree. Olein is a higher value product that has been processed and is the most widely used cooking oil in the world.
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.