Malaysian palm oil futures rose for a third straight session on Wednesday, extending a recovery from their biggest weekly drop since 1986, as crude and some rival oils strengthened.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 80 ringgit, or 1.34%, to 6,047 ringgit ($1,433.62) a tonne by the midday break.
“The absence of sunflower oil export from Ukraine and tightness in soybean crop in Brazil, Argentina and Paraguay is a major support for palm oil at the moment,” said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker 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.