(Feb 25): Malaysian palm oil futures reversed track to gain for the first time in almost a week on market short covering and expectations of lower inventories at the end of February.
The palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at RM2,537 ($601.76) per tonne at the end of the trading day.
Traded volume stood at 47,812 lots of 25 tonnes each.
"We do expect further drawdowns in February stocks, although exports remain lower," said Kuala Lumpur-based trader.
No comments:
Post a Comment