Palm snaps six-session losing streak on firmer Chicago soyoil

According to Business Recorder, Malaysian palm oil futures moved higher on Monday, halting a run of six sessions in decline as Chicago soyoil firmed. The December contract on the Bursa Malaysia Derivatives Exchange finished 43 ringgit higher, a gain of 0.95 per cent, at 4,578 ringgit ($1,120.69) a tonne. Traders were also waiting for fresh demand and supply figures from the Malaysian Palm Oil Board.

Crude oil prices edged up in choppy trading after Middle East crude exports rose and Group of Seven countries promised to lift supplies. Concerns about continuing disruption linked to the US-Israeli war on Iran, however, kept sellers in check. Higher crude futures also improve palm's appeal as a biodiesel input, while the ringgit's 0.1 per cent fall against the dollar made the commodity slightly cheaper for foreign buyers.

Soyoil on the Chicago Board of Trade rose 1.85 per cent, while the Dalian Commodity Exchange is shut for a public holiday and reopens on October 8. Danantara Sumberdaya Indonesia, a company set up by the government to oversee commodity exports, has begun testing a new monitoring platform meant to improve price transparency, the firm said.