Palm oil punches through RM3,500 to highest in 8 years

“It’s a rebound after the lackluster trade yesterday, ” said Sathia Varqa, owner of Palm Oil Analytics in Singapore. “Prices regained their footing from a better export outlook for December and lower output. Higher prices for Dalian and Chicago soybean oil are also supportive.”

NEW DELHI: Palm oil burst through RM3,500 a tonne to the strongest level in more than eight years on optimism that rising exports from Malaysia will deplete the country’s stockpiles and that stronger prices for rival soybean oil will increase the appeal of palm oil.

“It’s a rebound after the lackluster trade yesterday, ” said Sathia Varqa, owner of Palm Oil Analytics in Singapore.