Palm gains over 2pc on costlier US soyoil, weaker ringgit
- The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 99 ringgit, or 2.8%, to 3,634 ringgit ($900.17) a tonne.
- CBOT soyoil rose for a third straight session on Wednesday as extremely cold weather in key US growing areas raised worries about global supplies.
SINGAPORE: Malaysian palm oil futures ended more than 2% higher on Wednesday, extending gains into a third session, as rival Chicago Board of Trade (CBOT) soyoil rose and the ringgit weakened.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 99 ringgit, or 2.8%, to 3,634 ringgit ($900.17) a tonne.
"Prices are up because of higher externals," a Kuala Lumpur-based trader told Reuters.
CBOT soyoil rose for a third straight session on Wednesday as extremely cold weather in key US growing areas raised worries about global supplies.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Meanwhile, the ringgit fell 0.2% against the dollar, making the edible oil more attractive for holders of foreign currencies.
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