SINGAPORE: Malaysian palm oil futures rose more than 3 percent on Thursday, tracking rival soyaoil on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed up 3.5%, or 127 ringgit, to 3,739 ringgit ($902.27) per tonne, after Wednesday’s 1.1% increase.
Palm oil futures opened higher following a bullish recovery in soyaoil futures on the 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 soyabeans rose to their highest level in nearly a month, buoyed by smaller-than-expected US planting. The soyaoil contract fell 0.3%.
Meanwhile, Dalian’s most-active soyaoil contract rose 3.2% and its palm oil contract climbed 3.6%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.