Palm Oil Gains on Stronger Crude, Soyoil

Kuala Lumpur: Malaysian palm oil futures firmed on Tuesday as trading resumed after a long weekend, with stronger crude oil and rival soyoil supporting the market ahead of the official May supply and demand data.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 20 ringgit, or 0.85%, to 2368 ringgit ($555.87) a tonne in early trade. It rose 2.4% last week in its fourth straight weekly gain. Malaysia on Friday said it would fully exempt palm oil from export duty this year, in a move that traders estimated could boost shipments of the edible oil by 1 million tonnes in the second half of the year…

View entirety: Economic Times