Malaysia palm oil up on demand ahead of Ramzan

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives rose on expectations of a rise in demand ahead of Ramzan in May. The prices of crude palm oil and soyoil typically move in tandem as the commodities are used as substitutes for each other. The decline in palm oil inventories in Malaysia by 12% on-month to 2.18 mln tn in March.