Palm oil snaps four-day losing streak, jumps 3.47pc
- The benchmark palm oil contract for August delivery climbed 3.47% to close at 4,025 ringgit ($972.22).
- CBOT soyoil prices rose 1.43% on Tuesday, while prices for Dalian's soyoil and palm oil contract advanced 1.42% and 1.43%, respectively.
JAKARTA: Malaysian palm oil futures snapped a four-day losing streak on Tuesday, supported by gains in rival oils on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange.
The benchmark palm oil contract for August delivery climbed 3.47% to close at 4,025 ringgit ($972.22).
"Morning opening of both soybean oil and Dalian brought back some buyers on Bursa Malaysia Derivatives CPO," a Kuala Lumpur-based trader told Reuters.
However, the trader noted that physical buying from India, the world's top vegetable oil importer, was "very very poor".
The contract slumped 11% last week, the sharpest in a year, as a resurgence in COVID-19 cases and lockdown measures in India hit demand.
CBOT soyoil prices rose 1.43% on Tuesday, while prices for Dalian's soyoil and palm oil contract advanced 1.42% and 1.43%, respectively.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
The Malaysian markets will be closed for a public holiday on Wednesday.
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