,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.环球国际娱乐网址多少（www.ugbet.us）开放环球UG代理登录网址、会员登录网址、环球UG会员注册、环球UG代理开户申请、环球UG电脑客户端、环球UG手机版下载等业务。
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