Palm oil futures advanced for the second day after rival soybean oil climbed and demand climbed from Asian nations including India and China as the countries celebrate festivals.
The November-delivery contract added 0.5 percent to end at 2,542 ringgit ($806) a metric ton on the Malaysia Derivatives Exchange. Futures lost 6.4 percent last week, the most since the week of Oct. 2, and were little changed from 2,544 ringgit close on Aug. 20.
Palm “is getting support from soybean and soybean oil, and there are festivals lined up across the globe,” said Amol Tilak, an analyst at Kotak Commodity Services Ltd. in Mumbai. “After a huge fall in palm oil some recovery was about to happen.”
China, India, Pakistan and Indonesia celebrate important festivals in the three months ending September, with communal meals stoking edible oils consumption. Read More