Palm oil futures on the rise

Canada News.Net
Wednesday 21st November, 2007

Malaysian crude palm futures have risen sharply, with financial players taking up new positions after rival soybean oil markets chalked up gains in Asian trade.

Palm oil is used in products ranging from chocolates and cosmetics to biofuels.

Palm oil and soybean oil usually track movements in the crude oil market because of growing demand for both commodities as feedstock for biodiesel.

Palm oil is up nearly 48 per cent this year and demand from the food and biodiesel sectors is still strong.

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