In Malaysia, palm jumps more than 4% on lower stocks, stronger crude and soy oil

Malaysian palm oil futures rose on Tuesday, posted the biggest daily gain since Nov.1 after posted sharp decline in previous session as smaller-than-expected inventories, a weaker ringgit and firmer crude oil and soyoil prices underpinned the market. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 150 ringgit, or 4.01%, to 3,887 ringgit ($878.22) per tonne by the afternoon closing. The contract fell 6.36% on Monday in its biggest daily drop since Sept. 28. “The Malaysian Palm Oil Board just released November data, and the stockpile was much smaller than estimated,” a trader in Kuala Lumpur said. Malaysia’s palm oil stocksfell for the first time in six months by 4.98%, stood at 2.29 million tonnes by end of November, as production slumped amid a slight pick-up in exports, data from the Malaysian Palm Oil Board (MPOB) showed. The ringgit MYR=, palm oil’s currency of trade, dipped for a sixth session against the U.S. ...