Spot prices for palm oil and products ramped higher on Wednesday May 29, in step with another day of strong gains in palm oil futures on the Bursa Malaysia Exchange. Cash trading was more active at midweek.
Benchmark August palm oil futures settled above 4,000 ringgit ($852) per tonne at a six-week high of 4,034 ringgit per tonne on Wednesday, up by 74 ringgit per tonne, or 1.87%, from a close of 3,960 ringgit per tonne on Tuesday May 28.
Futures and cash prices shifted upward at midweek, amid early gains in energy markets as well as cargo surveyor data that showed Malaysian palm oil exports during the first 25 days of May increased by 2.6% from the same period in April, to 1.03 million tonnes.
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