KUALA LUMPUR: Malaysian palm oil futures closed higher on Friday after tumbling to a 14-month closing low in the previous session, although the contract logged a second straight weekly drop.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 54 ringgit, or 1.52%, to 3,595 ringgit ($799.60) a tonne.
Palm rebounded on bargain-buying after a heavy sell-off in the last few days, propelled by gains in competing vegetable oils, led by Chicago soy oil, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
Source: Brecorder
