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Palm oil closes up after crude prices climb higher
JAKARTA: Malaysian palm oil futures gained on Monday, supported by higher crude oil prices, with rival soy oil prices in the Chicago market also providing support. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 39 ringgit, or 0.81%, at 4,853 ringgit ($1,191.21) a metric ton at closing. “Today’s FCPO is holding firm on the back of strong crude oil with anticipation of better demand for bio-diesel usage in the future,” a Kuala Lumpur-based trader said. Crude prices continued their surge, rising more than 3% on Monday, after new strikes on ...
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