Palm Oil Gains As Crude Oil And Currency Moves Support Prices

CPO Futures End Higher On Stronger Crude Oil, Weaker Output Prospects

KUALA LUMPUR, May 26 (Bernama) — Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Tuesday, supported by the sharp gains in crude oil prices and weaker Malaysian palm oil production prospects, a trader said. Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said crude oil futures traded higher on Tuesday morning following reports of United States military strikes on targets in southern Iran. “Meanwhile, …

Palm Oil Gains As Crude Oil And Currency Moves Support Prices

Palm oil prices rose as stronger crude oil and a weaker Malaysian ringgit gave the market fresh support, even as export data pointed to softer demand. Benchmark Malaysian palm oil futures moved higher to about 4,494 ringgit a tonne. The main driver was a rebound in crude oil prices, which matters because palm oil is used in biodiesel. When crude oil strengthens, vegetable oils can become more attractive as energy-linked feedstocks. Since palm oi…