Palm hits two-week high on stronger Chicago soyoil

Malaysian palm oil futures closed at its highest level in two weeks on Tuesday, tracking firmer Chicago soyoil, while a weaker ringgit also added support. The benchmark palm oil contract FCPO1! for February delivery on the Bursa Malaysia Derivatives Exchange gained 63 ringgit, or 1.54%, to 4,157 ringgit ($1,006.54) a metric ton at closing. “CPO opened higher in the morning session on news of China’s purchases of U.S. soybeans, and sentiment was also lifted by higher crude oil prices,” said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Chicago soybean futures edged higher as traders assessed the pace of U.S. soybean purchases by top buyer China following a trade truce between Beijing and Washington in late October. Dalian’s most-active soyoil contract (DBYcv1) was up 0.17%, while its palm oil contract CPO1! rose 1.04%. Soyoil prices on the Chicago Board of Trade (BOc2) added 0.57%. Palm oil tracks the price movements of rival edible oils as it ...