,Futures for September delivery jumped 5.5% to close at RM4,920 a tonne, the biggest gain since late April, after slumping almost 15% last week.usdt官网钱包（www.trc20.vip）是使用TRC-20协议的Usdt第三方支付平台,Usdt收款平台、Usdt自动充提平台。免费提供入金通道、Usdt钱包支付接口、Usdt自动充值接口、Usdt寄售回收。菜宝Usdt钱包一键生成Usdt钱包、一键调用API接口、一键出售Usdt。
KUALA LUMPUR: Palm oil posted its biggest advance in two months on bargain hunting and optimi *** that Chinese demand will improve, although investors remained cautious as crop prices have crashed to the levels before Russia’s invasion of Ukraine.
Futures for September delivery jumped 5.5% to close at RM4,920 a tonne, the biggest gain since late April, after slumping almost 15% last week.
“There is some physical tightness, and pipelines are still dry in major consuming countries,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental.
Chinese demand may improve on easing Covid-related restrictions, he said, adding that some pent up buying is expected.
But all these positive factors may not be enough to trigger a major rally in prices as the “undercurrent is quite bearish,” he said.
The rout in farm commodities in recent weeks has also hammered palm oil, the world’s most-consumed cooking oil, as investor fret about worries of a global recession. — Bloomberg