Arab Today, arab today rise in palm oil price reflects high demand
Last Updated : GMT 12:07:30
Arab Today, arab today
Arab Today, arab today

Rise in palm oil price reflects high demand

Arab Today, arab today

Arab Today, arab today Rise in palm oil price reflects high demand

Singapore - Arabstoday

Palm oil advanced for a third day as demand for the tropical oil, used in food and biofuels, was seen rising amid tightening supply of competing vegetable oils. October-delivery palm oil gained as much as 1.1 per cent to 3,025 ringgit (Dh3,700) a tonne on the Malaysia Derivatives Exchange and closed at 3,015 ringgit a tonne in Kuala Lumpur. The most-active contract fell for a third week, losing 1.2 per cent. India, the world\'s largest palm oil buyer, may boost imports to a record, gaining 10 per cent to about 7 million tonnes in the year ending October 31 from a year ago, as rising incomes boost demand for processed food, according to a Bloomberg News survey of five processors and analysts. \"If their local crop is having some problems, they would need to import more,\" driving prices higher, Donny Khor, a senior vice-president for futures and options at OSK Investment Bank, said by phone from Kuala Lumpur yesterday.

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