VEGOILS-Palm ends higher on rival oils movement
Updates with closing price
JAKARTA, June 26 (Reuters) – Malaysian palm oil futures closed higher on Monday after sliding during the midday break on higher rival oils.
The contract declined 3.29% last week.
The second half of the trading session mirrored the upward movement in soybean oil prices, said a Kuala Lumpur-based trader.
The ringgit, palm’s currency of trade, weakened 0.2% in early trade. A weaker ringgit made the contract more attractive to foreign currency holders.
Dalian’s most-active soyoil contract DBYcv1 rose 0.53%, while its palm oil contract DCPcv1 rose 0.76%. Soyoil prices on the Chicago Board of Trade BOc2 were also up 1.4%.
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 June 1 – June 25 fell 4.5% to 891,361 metric tons from 933,615 metric tons shipped during May 1 – May 25, cargo surveyor Intertek Testing Services said.
($1 = 4.6700 ringgit)
(Reporting by Bernadette Christina Munthe and Dewi Kurniawati; Editing by Subhranshu Sahu, Nivedita Bhattacharjee and Sohini Goswami)
Source Link: https://www.nasdaq.com/articles/vegoils-palm-ends-higher-on-rival-oils-movement
