Palm oil futures rise on higher oil prices and upcoming Ramadan

June 23, 2014 | Meghan Sapp

In Malaysia, mounting tensions in Iraq have boosted the price of petroleum, making biodiesel more attractive and therefore supporting palm oil prices to nearly one-month highs. With Ramadan starting next week, the month-long holiday is also expected to support prices which closed Monday $770 per metric ton. Soy oil prices are also tracking crude, up nearly 2% at 40 cents per pound.