Palm oil prices up
SINGAPORE, Aug 15: Malaysian crude palm oil futures gained slightly on Wednesday as last-minute buying on rising exports for the first half of August erased losses posted earlier in the session.
The Southeast Asian country’s palm oil exports showed signs of recovery after declines in July, bringing some cheer to the market that has lost almost 10 per cent this year.
At closing, the benchmark October palm oil futures on the Bursa Malaysia Derivatives Exchange inched up just 0.1 per cent to 2,862 ringgit ($916) per ton. The contract hit a low of 2,820 ringgit on Tuesday, a level not seen since Oct 18.—Reuters