24.
09.18
08:53

Palm oil goes with profits in the lunch break

After five trading days in a row, with heavy losses, the palm oil futures trade this morning with moderate price gains.
The solid crude oil prices and Friday's strong rally in CBoT soybean oil futures boost the market. However, the price increase is hampered by the fixed exchange rate of the Malaysian ringgit, which makes cooking oil more expensive than other currencies.
For most of the past week, the ringgit traded close to a 10-month low but rose on Friday. At lunch time today, it lost 0.1% today, standing at 4.1320 ringgit per dollar.
The most liquid palm oil futures contract, due December 18, went into lunch break today, rising 0.2% to 2,148 ringgit / ton ($ 519.85). On Friday he sank to a new three-year low. He lost 3.6% last week. That was the second weekly loss in a row.
By lunchtime, 14,635 contracts were traded per 25 tons.
Crude oil prices rise due to Washington's intention to impose new sanctions on Iran.
In China, the financial markets are closed today because of the holiday "Mid-Autumn Festival" (Moon Festival). Trading begins on Tuesday.
The prices of palm oil are influenced by the movements of other edible oils as they compete for a share in the world market for vegetable oils.

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