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Malaysian palm oil futures extended gains on Tuesday, rising 0.33% to 4,261 ringgit per metric lot in morning trade. Higher crude oil prices, tied to Russian production cuts and attacks on Russian refineries, supported the move, while a firmer ringgit limited gains.
Higher crude makes palm more attractive as biodiesel feedstock, supporting palm and soyoil prices, though a stronger ringgit makes palm dearer for foreign buyers.
energynews.oedigital.comJun 3, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
Higher crude oil prices raised palm's biodiesel/energy-linked value, extending gains in early June trading, though a firmer ringgit capped them.
