,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.telegram中文群组（www.tg888.vip）是一个Telegram群组分享平台，飞机群组内容包括telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容，为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
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
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