Palm oil may rise to RM2,001 per tonne, as suggested by a projection analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
KUALA LUMPUR: Malaysian palm oil futures rose on Monday, tracking overnight gains in U.S. soyoil on the Chicago Board of Trade (CBOT) and supported by expectations that Indian edible oil imports could jump to record levels this year.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.6% at 1,983 ringgit ($482.36) per tonne, snapping two days of losses.
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