JAKARTA, Dec 31 (Reuters): Malaysian palm oil futures closed with a 19.43 per cent annual gain on Tuesday, snapping two consecutive years of losses, although the market traded lower for the day due to a lack of fresh buying at the year-end.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 107 ringgit, or 2.35 per cent, to 4,444 ringgit ($994.63) per metric ton at the close.
"The futures were seen trading sharply lower today on lack of fresh buying from destination markets," said Anilkumar Bagani, research head at Sunvin Group, a Mumbai-based vegetable oil brokerage.
Dalian's most-active soyoil contract gained 0.16 per cent and its palm oil contract lost 1.1 per cent. Soyoil prices on the Chicago Board of Trade inched lower by 0.45 per cent.
Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Oil prices rose on Tuesday after data showed China's manufacturing activity expanded in December, but they are on track to end lower for a second consecutive year due to demand concerns in top consuming countries.
Palm oil futures posts 19.4pc annual gain
FE Team | Published: January 01, 2025 00:06:33
Palm oil futures posts 19.4pc annual gain
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