Palm oil prices rose on Monday

Palm oil prices rose, with the Bursa Malaysia Derivatives contract for April delivery rising 8 ringgit to 4,162 ringgit per tonne. Crude palm oil prices are likely to continue rising, reaching 4,200 ringgit per tonne this week as demand rises ahead of the Chinese New Year and amid concerns about weak production in Malaysia, Nomura’s Raghavendra Diwekar noted in a research note. However, if prices for other edible oils decline or exports decline sharply, crude palm oil prices could fall to around 4,050 ringgit per tonne, Diwekar added. Malaysian palm oil futures closed higher on Monday, boosted by rising prices for rival soybean oil in the Chicago and Dalian markets, as the market awaits data from the Malaysian Palm Oil Council and a price forecast conference. The benchmark April palm oil contract FCPO1 on the Bursa Malaysia Derivatives Exchange rose 19 ringgit, or 0.46%, to 4,173 ringgit (US$1,061.29) per metric ton at the close of trading. The most-active soybean oil contract in ...