02.
08.18
07:54

Palm oil is quoted at 3-week high

The palm oil futures courses at Bursa Malaysia reached its highest level in three weeks in the morning session after four days of steadily rising prices. The ringgit exchange rate is weakening and Indonesia is currently revising the biodiesel ordinance.
The weak national currency in Malaysia makes purchases of palm oil cheaper for customers who pay in other currencies such as the US dollar.
The most traded October 18 futures contract rose to 2,221 ringgit / ton for lunch. To date, 20,244 lots of palm oil futures have been traded today.
On Tuesday, the government in Indonesia announced that the fuel of all road vehicles and heavy machinery should be fueled by more biofuels so that the country would import less crude oil. This is intended to reduce the large trade deficit.
This announcement has strengthened the palm oil market, as the vegetable oil is to be used as a feedstock for biofuels.
The prices of soya oilutures also rose, supporting palm oil prices. At the CBoT, soybean oil is currently trading 0.1% stronger, but yesterday it dropped 1.2% and on Tuesday it rose 0.4%.Salian oil prices are rising by 0.2% and palm oil prices by 0.7% in Chinese Dalian.

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