Palm Oil Ends Higher on Strength in Crude Oil
Palm Oil Ends Higher on Strength in Crude Oil
Palm oil prices closed higher, tracking gains of crude oil, says Abdul Hameed, director of sales at Pakistan-based Manzoor Trading. Market mood is cautiously bullish, but holiday closures may keep liquidity thin, he adds.
Market Outlook
The market will likely see higher volatility in the first full trading week of June, he says. The Bursa Malaysia Derivatives contract for August delivery closed 39 ringgit higher at 4,535 ringgit a ton.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
The rise in crude oil prices directly lifted palm oil prices, positively impacting CL1! futures.
WTI CRUDE OIL
The news highlights the strength in crude oil, providing a positive outlook for USOIL.
The upward trend in crude oil positively impacts CRUDEOIL1! futures.
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