Vegoils: Palm jumps more than 2% on higher demand, stronger soyoil - Reuters
KUALA LUMPUR (May 16): Malaysian palm oil futures rose to a more than two-week high on Thursday evening on better demand for the edible oil, moving up for the fourth straight day, as they tracked gains in soyoil on the U.S. Chicago Board of Trade. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 2.5% at 2,096 ringgit (US$503.48) a tonne.The market earlier rose to 2,099 ringgit, its strongest level
The market earlier rose to 2,099 ringgit, its strongest level since April 30. Palm is up 5.7% so far for the week, in line to chart its first week of gains in four.
Another trader added that palm prices were supported by continuous gains in competing vegetable oils.
Palm oil may rise to 2,091 ringgit per tonne, as it has cleared resistance at 2,034 ringgit, said
Meanwhile, the May soyoil contract on the Dalian Commodity Exchange was up 0.6%, and the Dalian May palm oil contract jumped 1.3%.Read more: The Edge Malaysia
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Oil palm growers hail Sabah decision to put off property assessment taxAssociation says the industry is still recovering from the El Nino weather impact, low CPO prices and labour shortage.