Palm rebounds on stronger rival Dalian; weak crude caps gains

Business Recorder reported that palm oil futures in Malaysia recovered on Thursday, reversing the decline seen in the previous session. Support came from Dalian oils, a stronger rival market, that moved higher. However, weaker crude oil prices and a softer Chicago soyoil market limited how far the gains could extend.

The benchmark contract for November delivery on the Bursa Malaysia Derivatives Exchange climbed to 4,984 ringgit ($1,235.19) per metric ton, a rise of 26 ringgit or 0.52%, in early trading. The figures were reported for the opening period of the session rather than for a full trading day. Prices in early dealings can differ from the level at which the market finally closes.