Palm rebounds on firmer crude, soyoil; weak Dalian olein caps gains

According to Business Recorder, Malaysian palm oil futures rebounded on Tuesday, ending a run of two straight daily declines. Stronger crude oil and soyoil values gave the market support. A softer tone in Dalian palm olein, though, restricted the upward move.

Early trading on the Bursa Malaysia Derivatives Exchange put the December delivery benchmark at 4,877 ringgit ($1,197.10) per metric ton. That level represents a rise of 20 ringgit, or 0.41%, on the previous close.

The rebound therefore reversed the losses recorded across the two previous sessions. Gains were held back by the Dalian olein market, keeping the increase modest. Palm oil futures are traded on the Bursa Malaysia Derivatives Exchange, which is where the benchmark contract is listed.