Palm ends higher on Indonesia output risks, softer ringgit

Malaysian palm oil futures ended slightly higher on Monday for a third consecutive session, as a softer ringgit and bullish forecasts from leading industry analysts supported the market. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange gained 6 ringgit, or 0.14%, to 4,151 ringgit ($1,000.72) a metric ton at the close. The contract is seeing support following bullish presentations at the Indonesia Palm Oil Conference last week, a Kuala Lumpur-based trader said. Analysts flagged that palm oil prices may increase in the coming months on uncertainties stemming from land seizure policies and a biodiesel plan by top producer Indonesia. Meanwhile, the ringgit USDMYR, palm’s currency of trade, weakened 0.44% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Dalian’s most-active soyoil contract (DBYcv1) fell 0.14%, while its palm oil contract CPO1! gained 0.18%. Soyoil prices on the Chicago Board of ...