Uptrend: The benchmark futures contract on Bursa Malaysia Derivatives in Kuala Lumpur settled at RM2,643 a tonne yesterday. That’s 21 above the closing price of RM2,188 reached on July 12
KUALA LUMPUR: Palm oil entered a bull market on rising demand for the edible oil ahead of festivals in China and India and as a slow recovery in El Nino-hit yields constrains supplies.
The benchmark futures contract on Bursa Malaysia Derivatives in Kuala Lumpur settled at RM2,643 a tonne yesterday. That’s 21% above the closing price of RM2,188 reached on July 12, meeting the common definition of a bull market. Futures closed 4.1% higher, the biggest gain since September.
Celebrate Merdeka with 50% Off!
T&C applies.
![](https://cdn.thestar.com.my/Themes/img/sub_paywall_TSM.webp)