KUALA LUMPUR: Malaysian palm oil futures were set for a second straight weekly drop, even as prices rose on Friday after tumbling to a 14-month closing low in the previous session.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 77 ringgit, or 2.17%, to 3,618 ringgit ($804.89) a tonne in early trade after three consecutive sessions of losses.
Palm oil may bounce to 3,666 ringgit
Palm has fallen 7.6% so far this week, as investors are worried that COVID-19-related restrictions in some parts of key buyer China would hit demand amid rising supply.
Source: Brecorder
