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Palm oil rallies most in eight months

Palm oil advanced by the most in eight months on concern that the soybean crop in the US, the largest grower of the oilseed that?s crushed to make an alternative oil.

Palm oil advanced by the most in eight months on concern that the soybean crop in the US, the largest grower of the oilseed that?s crushed to make an alternative oil, may be smaller-than-forecast on dry weather. The contract for November delivery climbed as much as 3.6% to 2,451 ringgit ($743) a tonne on the Bursa Malaysia Derivatives, the biggest gain for the most-active futures since December 21, and traded at 2,440 ringgit at 11:43 am in Kuala Lumpur. Prices rose 2.5% last week after a 4.6% advance in the previous five-day period. Soyabean output in the US may be 3.158 billion bushels after planting delays and unusually cool, dry weather stunted growth, according to the Professional Farmers of America.

Rebar at 4-mth high on China concern

Steel reinforcement-bar futures in Shanghai extended a fourth weekly gain to trade near the highest level in four months on speculation China?s drive to reduce air pollution will cut steel output. Rebar for January delivery gained as much as 0.8% to 3,848 yuan ($629) a tonne, the same level as the high on August 14 which was the highest since April, and was 3,824 yuan at 10:33 am local time. The contract rose 0.2% last week. China will soon unveil plans to curb air pollution, China Securities Journal reported on Monday, citing the ministry of environmental protection. The country, the biggest producer and consumer of steel, is targeting overcapacity in steel, cement, flat glass and aluminum industries, the report said.

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First published on: 27-08-2013 at 03:54 IST
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