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Palm snaps 5-day losing streak on stronger soyoil

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By Reuters

JAKARTA: Malaysian palm oil futures rose on Thursday after plunging to a near 20-month low in the previous session, with gains in rival Dalian and Chicago soyoil underpinning the market.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange jumped 130 ringgit, or 4.03%, to 3,356 ringgit ($722.81) per tonne in early trade.

Palm oil may retest support at 3,427 ringgit

The contract fell more than 17% in the previous five sessions of losses.

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