Palm oil hits high

By Reuters

Published about 13 hours ago

KUALA LUMPUR: Malaysian palm oil futures hit their highest in nearly three weeks on Monday, on concerns about unfavourable weather in comparative oil-producing countries and as traders cited nervousness in an oversold market.
By the close, the benchmark November contract on the Bursa Malaysia Derivatives Exchange had gained 0.8 per cent to 2,042 ringgit ($643) per tonne, after hitting 2,068 ringgit, its highest since Aug. 21, earlier in the day.
Traded volume stood at 59,626 lots of 25 tonnes each, above the daily average of 35,000 lots.
“There is talk of some early frost coming in the United States,” said a Kuala Lumpur-based trader with a foreign commodities brokerage, referring to forecasts for potentially unfavourable weather in parts of key corn and soy growing regions in the United States. Floods in India, the world’s fifth-biggest producer of soybeans, also supported sentiment for palm oil, the trader added.