Palm oil advances for a second day
Tuesday, 6 April 2010
KUALA LUMPUR, April 5 (Bloomberg): Palm oil futures gained for a second day as crude oil rose to a 17-month high, raising the appeal of vegetable oils used in biofuels.
June-delivery futures on the Malaysia Derivatives Exchange advanced as much as 1.1 per cent to 2,588 ringgit ($801) a metric ton and traded at 2,570 ringgit at the 12:30 p.m. trading break in Kuala Lumpur.
With higher crude oil prices, "the trading range of 2,500 ringgit to 2,600 ringgit is still good," said OSK Investment Bank Bhd. futures trader Ryan Long today.
Crude oil in New York, which soared 6.4 per cent last week, advanced as much as 1.2 per cent to $85.89 a barrel in Asian trading today and was last at $85.72.
Palm oil prices are increasingly supported by energy prices as demand for biofuels rises, James Fry, managing director of LMC International, said on April 1.
June-delivery futures on the Malaysia Derivatives Exchange advanced as much as 1.1 per cent to 2,588 ringgit ($801) a metric ton and traded at 2,570 ringgit at the 12:30 p.m. trading break in Kuala Lumpur.
With higher crude oil prices, "the trading range of 2,500 ringgit to 2,600 ringgit is still good," said OSK Investment Bank Bhd. futures trader Ryan Long today.
Crude oil in New York, which soared 6.4 per cent last week, advanced as much as 1.2 per cent to $85.89 a barrel in Asian trading today and was last at $85.72.
Palm oil prices are increasingly supported by energy prices as demand for biofuels rises, James Fry, managing director of LMC International, said on April 1.