Loading…
Malaysian palm oil futures rose over 2% on Tuesday, extending gains for a second session as they tracked a soyoil rally driven by President Biden's green energy push. The benchmark June contract settled at 3,930 ringgit per tonne, though higher seasonal production capped gains.
Traders said the market would take its cues from soyoil in the coming days.
Palm oil is tracking soyoil through biofuel-driven demand, so palm prices are likely to stay tied to U.S. policy signals and to seasonal output gains that limit the upside.
cnbcafrica.comReutersMar 23, 2021Not 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.
Palm oil tracked the soyoil rally on Biden's green fuel push, indicating that biofuel policy sentiment helped drive soyoil, though the article comes from the day after the move.
