Palm oil logs weekly gain, hits two-week high on Dalian strength

Malaysian palm oil futures ended at their highest in two weeks on Friday and booked their first weekly gain in three, as stronger rival Dalian oils boosted the market. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange gained 50 ringgit, or 1.24%, to 4,087 ringgit ($1,010.38) a metric ton, its highest closing price since December 9. The contract rose 4.66% this week. The market posted a strong rally, tracking strength in Dalian oils even as the ringgit strengthened 0.17% to 4.0360 at the midday break, a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract (DBYcv1) rose 0.67%, while its palm oil contract gained 0.28%. Soyoil on the Chicago Board of Trade will reopen at 1430 GMT after being closed for Christmas on Thursday. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm’s currency of trade, weakened 0.05% against the dollar, making the ...