Bursa Malaysia crude palm oil futures seen rangebound

Singapore portSingapore port

Crude palm oil futures on the Bursa Malaysia Derivatives exchange are expected to open in a narrow range on Thursday following a public holiday.

Bursa Malaysia front-month palm oil futures for November settled down 0.6 percent at 2,241 ringgit ($545.92) a metric ton on Tuesday, while trading volumes stood at 53,047 lots of 25 metric tons.

Singapore and Malaysia markets were shut to mark Eid al Adha, or Hari Raya Haji, on Wednesday along with several key regional and Middle Eastern markets.

Earlier this week, Reuters said Indonesia has asked for its companies to be allowed to build palm oil jet fuel plants in the United States and France as a condition for its airlines to buy Boeing and Airbus planes, marking the latest effort by the world’s biggest palm oil producer to find ways to help mop up output of the tropical oil, its second-largest export.

Indonesia earlier this month said it would increase the use of biofuels domestically to stave off a rising energy import bill for refined crude oil products.

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