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Markets

Palm up over 3% on firmer US soyoil prices

  • Meanwhile, Dalian's most-active soyoil contract rose 2.9 % and its palm oil contract climbed 2.7%.
01 Apr, 2021

SINGAPORE: Malaysian palm oil futures extended gains to rise more than 3% on Thursday, tracking gains in rival soyoil on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 3.4% to 3,733 ringgit ($900.82) per tonne in early trade, after Wednesday's 1.1% increase.

"Palm oil futures opened gap higher following bullish recovery in soy oil futures on CBOT overnight," said Anilkumar Bagani, Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil broker, said in a note to clients.

Chicago soybeans rose to their highest in nearly a month, buoyed by smaller-than-expected US planting. The soyoil contract was last flat.

Meanwhile, Dalian's most-active soyoil contract rose 2.9 % and its palm oil contract climbed 2.7%.

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

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