Palm inches higher, tracking Dalian’s soyoil
Malaysian palm oil futures edged up to 4,064 ringgit on Thursday, supported by gains in Dalian soyoil despite weaker CBOT soyoil. Palm oil followed rival edible oils amid global competition. Traders noted strong soybean sales from China’s Sinograin, while Malaysia’s November stocks hit a six-year high as production outpaced sluggish exports.
JAKARTA: Malaysian palm oil futures inched higher on Thursday, after the previous session’s losses, tracking movement in rival soyoil on the Dalian Commodity Exchange.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 1 ringgit, or 0.02 percent, to 4,064 ringgit (USD989.29) a metric ton at the close.
Dalian’s most-active soyoil contract gained 0.5 percent, while its palm oil contract rose 0.44 percent. Soyoil prices on the Chicago Board of Trade fell 0.82 percent.
Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
China’s state stockpiler Sinograin sold most of the soybeans it offered in an auction of state reserves, two traders said on Thursday, making room for an expected influx of US cargoes amid abundant local supplies.
Meanwhile, Malaysia’s palm oil stocks hit a more than six-and-a-half-year high in November, as production outpaced weak exports, industry regulator’s data showed on Wednesday.
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Source : Business Recorder
