Malaysian palm oil snaps one week losing streak on crude price gains
Malaysian palm oil prices have broken a losing streak over the past week to match rising crude oil prices. — Reuters pic
KUALA LUMPUR, March 12 — Malaysian palm oil futures snapped a week-long losing streak today, gaining slightly in early trade to match rising crude oil prices. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 0.57 per cent to RM2,131 per tonne at the midday break.
Prices of the edible oil had fallen nearly 2 per cent in the past one week on weak demand and high stockpiles in the world's second-largest producer.“I believe it's more a technical correction since the market is overdone, and further gains in crude oil is also helping,” said a Kuala Lumpur-based trader, adding that price movements were likely to be minimal.
US West Texas Intermediate crude oil futures CLc1 were at US$56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 per cent, from their last settlement.In other related oils, the Chicago May soybean oil contract was last up 0.24 per cent.Palm oil prices track the performances of other edible oils, as they compete for a share in the global vegetable oils market. — Reuters
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