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Markets

Palm oil gains on overnight Chicago soy strength

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Published February 4, 2021

SINGAPORE: Malaysian palm oil futures snapped two sessions of losses to trade 0.3% higher on Thursday, tracking overnight gains in Chicago soyoil, which rose ahead of data that could show a continued tightening of global stocks.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit to 3,237 ringgit ($799.85) a tonne during early trade.

Palm fell 4.9% in the previous session.

CBOT soybeans rose on Wednesday as traders awaited a monthly supply and demand report from the US Agriculture Department, although soyoil prices on the Chicago Board of Trade last traded 0.1% lower as of 0312 GMT.

"Recovery in soy oil futures on CBOT overnight has triggered a gap higher opening in palm futures," Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group told Reuters.

"But sustainability of the gains are still questioned due to poor demand," he added.

Elsewhere, Dalian's most-active soyoil contract fell 0.2%, while its palm oil contract slipped 0.8%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Also supporting prices was a correction in an oversold market.

"Yesterday's sell-down is considered overdone... hence there is some covering here and there," a Kuala Lumpur-based trader said.

Palm oil may stabilise around a support at 3,208 ringgit per tonne and bounce towards 3,322 ringgit.

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