Palm rises on increase demand

By MG News | March 17, 2023 at 12:29 PM GMT+05:00

0:00

March 17, 2023 (MLN): Crude palm oil prices have been on the rise in Malaysia due to signs of increased demand, according to a Kuala Lumpur-based trader.

The surge in prices is attributed to the strong demand ahead of the festive season, as data from cargo surveyors reveal that exports have been up in March so far.

The Bursa Malaysia Derivatives Exchange contract for June delivery has seen a significant increase, rising MYR47 to MYR3,980 per metric ton.

This increase reflects the growing confidence of traders in the market as demand for crude palm oil continues to climb. The palm oil industry in Malaysia has been a major contributor to the country's economy, and the recent surge in demand is expected to have a positive impact on the industry.

The increase in demand is also seen as a positive sign for the global economy, as it indicates that consumer confidence is on the rise.

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