VEGOILS-Palm rises for second session on stronger CBOT soybean oil
JAKARTA, Sept 14 (Reuters) – Malaysian palm oil futures rose on Thursday, extending gains to a second day, supported by a strong overnight recovery at theChicago Board of Trade (CBOT) soybean oil.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 31 ringgit, or 0.83%, to 3,757 ringgit ($802.95) per metric ton during the midday break.
“Prices up for the second straight day, supported by strong recovery in overnight CBOT soybean oil,” a Kuala Lumpur-based trader said.
The futures suffered a seven-session losing streak up to Tuesday this week.
Dalian’s most-active soyoil contract DBYcv1 rose 0.32%, while its palm oil contract DCPcv1 increased 0.62%. Soyoil prices on the Chicago Board of Trade BOcv1were slighlty down 0.18%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Exports of Malaysian palm oil products for Sept. 1-10 fell by 11.2% from a month earlier, cargo surveyor Intertek Testing Services said on Sunday, while independent inspection company AmSpec Agri Malaysia estimated the drop to be 20.4%.
European Union palm oil imports for 2023/24 stood at 634,515 tons by Sept 8, down from the 736,716 tons shipped a year earlier.
Malaysia’s palm oil stockpiles rose 22.5% from the previous month to a seven-month high of 2.12 million tons at August end, as output increased and exports slowed, data from the Malaysian Palm Oil Board showed on Monday.
($1 = 4.6790 ringgit)
(Reporting Dewi Kurniawati; Editing by Rashmi Aich and Dhanya Ann Thoppil)
