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| Commodity News |
| HeadLine : |
Palm oil rises on strength in rival oilseeds, crude oil |
| Date : |
Mar 24 2020 |
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The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 32 ringgit, or 1.4%, to 2,321 ringgit ($524.76) per tonne during early trade. U.S. crude oil futures climbed nearly 3% as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices. Weaker crude oil futures make palm a less appealing option for biodiesel feedstock. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Source : Investing
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