SINGAPORE: Malaysian palm oil futures jumped 1.8% on Monday to one-and-a-half-week high, tracking gains in rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade. The benchmark palm oil contract, for January delivery, on the Bursa Malaysia Derivatives Exchange gained 51 ringgit to 2,993 ringgit ($719.99) in early trade, hitting its highest since Oct. 15.
Dalian's most-active soyaoil and palm oil contracts both gained 1.7%, while soyoil prices on the Chicago Board of Trade were up 0.9%. US soybean futures rose for a sixth consecutive session on Monday to a more than four-year high on the back of strong Chinese demand.
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 Oct. 1-25 rose 7.2% to 1.4 million tonnes from 1.3 million tonnes during Sept. 1-25, cargo surveyor Intertek Testing Services said on Sunday. Palm oil may drop to 2,866 ringgit per tonne, as it failed to break a resistance at 2,963 ringgit, Reuters technicals analyst Wang Tao said.