Palm rises on stronger crude oil, Dalian soyoil

Malaysian palm oil futures moved higher early Wednesday, ending a two-session decline, Business Recorder reported. The January contract on Bursa Malaysia Derivatives Exchange rose 21 ringgit, or 0.45%, to 4,722 ringgit ($1,155.37) per metric ton in early trading.

Support came from stronger crude oil prices and firmer soyoil futures in Dalian, while weaker palm olein and Chicago soyoil limited the advance. The competing influences left the benchmark contract higher, but the report provided no indication of where it might trade later in the session.

The move is relevant to commodity-market readers tracking palm oil and related edible-oil prices. Its direction reflected support from crude and Dalian soyoil, countered by softness in palm olein and Chicago soyoil.