Kuala Lumpur : Malaysian palm oil futures rose on Thursday, pulling back from a more than 22-month low hit in the previous session, as traders took the opportunity to buy at low prices ahead of Eid festivities during the weekend.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.8 percent at 2,336 ringgit ($586.20) per tonne, after logging eight straight sessions of falls.
It fell to as low as 2,300 ringgit on Wednesday, its lowest since July 28, 2016. Trading volumes stood at 20,276 lots of 25 tonnes each.
Traders were covering ahead of the long weekend as the market was oversold, a trader based in Kuala Lumpur said.
“Market has achieved the technical objective at 2,300 ringgit per tonne, suggesting that the recent low level is attractive to buy.