KUALA LUMPUR: Malaysian palm oil futures jumped nearly 6% on Monday to a more than 10-year high, buoyed by a rally in rival soyoil, crude and world markets on passage of a US stimulus package, while investors also awaited the Malaysian Palm Oil Board data.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 173 ringgit, or 4.62%, to 3,914 ringgit ($957.67) a tonne during early trade, its highest since mid-February 2011.
Palm rose to an intraday high of 5.7% during the session and logged its fourth straight day of gains.
The market is now awaiting for the February supply and demand data by the Malaysian Palm Oil Board, and cargo surveyor data on March 1-10 exports due Wednesday.
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