Palm firms on strong Dalian oils, crude oil; set to snap two-week decline

contract rose 0.63% so far this week after two straight weekly declines. Dalian’s most-active soyoil contract rose 0.27%, while its palm oil contract added 0.67%. Soyoil prices on the Chicago Board of Trade were down 0.4%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Crude oil prices edged up, on track to rise at their steepest rate since early June as Ukraine’s attacks on Russia’s energy infrastructure push Moscow to restrict fuel exports and close to cutting crude output. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, weakened 0.14% against the dollar, making the commodity cheaper for buyers holding foreign currencies. India purchased 300,000 metric tons of soyoil from Argentina on Tuesday and Wednesday, the largest ever purchase in a two-day period, dealers said, taking advantage of Buenos Aires’ move to scrap export taxes on ...