Palm oil rises more than 2% on soyoil price support
- The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 96 ringgit, or 2.18%, to 4,494 ringgit
JAKARTA: Malaysian palm oil futures extended gains on Monday, after closing at a record high in the previous session, on the back of strength in soybean oil prices.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 96 ringgit, or 2.18%, to 4,494 ringgit ($1,060.16) a tonne by midday break on Monday.
"Market moved up on strong soybean oil prices in Chicago Board of Trade last Friday. Upside in Dalian also helped gains in Bursa Malaysia Derivatives Exchange crude palm oil contract," a Kuala Lumpur-based trader told Reuters.
Price of imported palm oil rises unprecedentedly by over 100pc
Soyoil prices on the Chicago Board of Trade rose 0.51%, while Dalian's most-active soyoil contract and its palm oil contract climbed 2.06% and 0.29%, respectively.
Palm oil may retest a resistance at 4,587 ringgit per tonne, a break above which could lead to a gain to 4,698 ringgit, Reuters technical analyst Wang Tao said.
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