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Palm oil jumps 2.6% as biodiesel appeal grows
Source : reuters.com
Malaysian palm oil futures jumped as much as 2.6% on Tuesday as traders focused on buoyant crude markets setting the stage for growing biodiesel demand. Although palm oil is less likely to be channelled into biofuels due to lack of government subsidies, aggressive mandates in Brazil and the United States may see more soyoil taken up, which leaves palm oil to dominate the food sector. Palm oil has been volatile like most commodities as traders are trying to process whether rising crude oil, owing to the spreading Middle East unrest, will slow economic growth or fuel demand for feedstocks that can be converted into diesel. "Funds might be coming in. There is a lot of energy related buying going on in palm oil and other vegetable oil markets", said a trader with a foreign commodities brokerage.
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2 March 2011 |
Economy ::
Biodiesel ::
Asia
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Articles regarding Asia (75 articles)
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