Palm extends gains on firmer rival Dalian

Business Recorder reported that Malaysian palm oil futures rose for a second consecutive session on Thursday, with the January contract ending at 4,439 ringgit per metric ton, up 29 ringgit or 0.66%. Its advance followed stronger trading in competing vegetable oils, particularly contracts on China’s Dalian exchange and overnight soyoil futures in Chicago. The contract’s quoted value was $1,087.99 a metric ton.

Gains were restrained by weaker crude prices, sizeable Malaysian inventories and traders taking profits after prices encountered a resistance level, according to a Sunvin Group research head. Dalian soyoil climbed 0.46% and palm oil gained 2.55%, while Chicago soyoil slipped 0.44%. A weaker ringgit, down 0.15% against the dollar, made Malaysian palm oil marginally cheaper for overseas buyers, while lower crude prices reduced its appeal as biodiesel feedstock.