Malaysian palm oil futures closed higher, hitting a three-month high of 4,709 ringgit ($1,152.19) per metric ton, fueled by tighter supply expectations and increased biodiesel demand. Surging crude oil prices, which rose for a fifth day due to escalating US-Iran hostilities, made palm oil more attractive for biodiesel feedstock. Analysts also cited looming El Nino risks and anticipated festive demand from India. This rise in crude oil prices, a key factor in global inflation, could exert upward pressure on commodity prices generally, potentially influencing Pakistan's import bill and local inflation, which might indirectly affect gold demand.
بحوالہ / Source: www.brecorder.com