Palm oil rises for second straight session on crude strength

Malaysian palm oil futures extended gains into a second consecutive trading day on Tuesday, tracking firmer crude prices, according to Business Recorder. The benchmark November contract on Bursa Malaysia Derivatives gained 46 ringgit, which is 0.95 per cent, to 4,896 ringgit ($1,200.59) per metric ton by midday.

Anilkumar Bagani, research head at Sunvin Group in Mumbai, said energy price gains had lifted trading. He also pointed to expected tightness next year, citing Indonesia's B50 biodiesel mandate and a possible El Niño related drop in output.

Crude rose as supply worries lingered after attacks on Saudi energy infrastructure left the East-West pipeline offline. Among rival oils, the most-traded soyoil contract in Dalian fell 0.91 per cent and its palm contract dropped 0.38 per cent, while Chicago soyoil edged up 0.07 per cent. The ringgit, the currency palm trades in, slipped 0.1 per cent against the dollar, making the commodity cheaper for foreign buyers.