Palm oil ends higher on Dalian’s soyoil

Malaysian palm oil futures closed higher on Thursday, snapping three consecutive sessions of losses, supported by the strength from soyoil at Dalian market. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or 0.31%, to 4,470 ringgit ($1,058.24) a metric ton at the close. “When Dalian recovered from morning low, palm futures stopped dropping and started to rise on the back of soyoil,” a trader said. Dalian’s most-active soyoil contract lost 0.7%, while its palm oil contract CPO1! shed 1%. Soyoil prices on the Chicago Board of Trade ZL1! were up 1.34%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Indonesia’s biodiesel consumption from January to September stood at 10.57 million kilolitres, energy minister Bahlil Lahadalia said on Wednesday. That’s up nearly 10% from 9.61 million kilolitres a year earlier. Oil prices rose by more than 4% on ...