KUALA LUMPUR: Malaysian palm oil futures rose more than 1% on Monday, following higher prices of rival soyaoil on the Dalian Commodity Exchange and the Chicago Board of Trade, although weaker August exports capped gains.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed up 31 ringgit, or 1.17%, at 2,678 ringgit ($639.14) a tonne.
"Prices are up on the strong upside in bean oil and Dalian palm, but crude palm oil is off highs due to lower export demand and pick up in production," a Kuala Lumpur-based trader said.
Malaysia's palm oil exports for Aug. 1 to 15 fell 16% from the month before, cargo surveyors said on Saturday.
Dalian's most-active soyaoil contract gained 1.45%, while its palm oil contract gained 1.13%. Soyaoil prices on the Chicago Board of Trade advanced 1.28%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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