SINGAPORE: Malaysian palm oil futures rose on Thursday for a second straight session as rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade (CBOT) strengthened, although a stronger ringgit capped gains.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 12 ringgit higher, or 0.4%, at 3,377 ringgit a tonne.
“Palm is still up on strong external markets,” a Kuala Lumpur-based trader said.
Dalian’s most-active soyaoil contract rose 2.1%, while its palm oil contract gained 1%. Soyaoil prices on the Chicago Board of Trade rose 0.7%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
US soybean futures edged higher on concerns over production in South America.
Exports of Malaysian palm oil products during Dec. 1 to 15 rose 9.5% to 725,380 tonnes from a month earlier, cargo surveyor Societe Generale de Surveillance said late on Tuesday, supporting prices. However, a 0.4% rise in the ringgit against the dollar made the edible oil less attractive for foreign buyers.—Reuters