Palm rises on firmer rivals

JAKARTA: Malaysian palm oil futures climbed on Thursday, supported by a bullish run in rival oils and data that showed exports of palm oil products rose in the first 10 days of the month.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 3.82% to close the afternoon trade at 4,268 ringgit ($960.61) per tonne, the highest since July 29.

Dalian’s palm oil contract rose 1.94%, while its most-active soy oil contract was traded 0.32% higher. Soyoil prices on the Chicago Board of Trade were up 0.39%.

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