The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% at 2,067 ringgit ($501.94) per tonne at the close of trade, its fifth consecutive session of gains. It earlier rose 0.7% to 2,073 ringgit, its strongest level since June 7. Palm is also up 4.8% for the week in a second week of gains.
KUALA LUMPUR: Crop-friendly weather over the last few months in top palm oil producers Indonesia and Malaysia will help drive up output of the edible oil, traders and industry players said, underscoring forecasts of record production for 2019.
But reduced usage of fertiliser, labour shortages and older trees in Malaysia could limit growth in output of the commodity, used in products ranging from soap to biofuels.
Limited time offer:
Just RM5 per month.
