Malaysian palm oil futures extend gains on stronger Dalian oils
Malaysian palm oil futures rose for a third straight session on Wednesday, hitting a near three-month high. The September contract closed 0.27% higher at 4,159 ringgit (\$979.05) per ton, supported by gains in Dalian palm olein and a weaker ringgit. However, weaker Chicago soyoil prices limited overall upside momentum.
JAKARTA: Malaysian palm oil futures rose for a third straight session to its highest in nearly three months on Wednesday, supported by gains in rival Dalian oils and a weaker ringgit, but weak Chicago soyoil limits gain.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange climbed 0.27% to 4,159 ringgit ($979.05) a ton at closing.
Palm was supported by good gains in Dalian’s RBD palm olein and a continued depreciation of the local currency, said a Kuala Lumpur-based trader.
Dalian’s most-active soyoil contract gained 0.15%, while its palm oil contract climbed 1.45%. Soyoil prices on the Chicago Board of Trade were down 0.74% Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
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Source : Business Recorder
