Published : Tuesday June 19, 2012 MYT 1:23:00 PM
(Malaysia Star)
Malaysian palm oil futures gained on Tuesday on expectations of higher demand as dry U.S. weather could damage the soybean crop further, tightening global edible oil supply. A victory by pro-bailout parties in the Greek polls over the weekend appears to have lessened the risk for a renewed financial crisis, sending palm oil futures to close just below the RM2,900-mark on Monday. But as optimism began to fade in financial markets, dry weather cues came into play as the U.S. Department of Agriculture (USDA) said unfavourable weather had damaged soybean crop quality. "Prices should remain positive with the Greeks behind us. Dry weather in the U.S. Midwest also supports a bullish stance," said a trader with a local commodities brokerage in Malaysia.
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