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Malaysian palm oil futures rose more than 2 percent on Thursday as traders covered short positions, reaching a two-week high intraday. The February contract gained 2.5 percent to 2,057 ringgit a tonne after an overnight recovery in crude oil.
Short covering and crude oil strength support palm oil prices, since palm is used as biodiesel feedstock. Concerns over high inventories limit the rebound.
dawn.comReutersNov 23, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
