Palm oil rises tracking firmer Dalian rivals; stronger ringgit limits upside

Malaysian palm oil futures extended gains to the fourth straight session on Wednesday, taking cues from stronger related vegetable oil prices on the Dalian exchange, but a firmer ringgit capped its gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed up 32 ringgit or 0.82% to 3,925 ringgit ($915.99) a metric ton. “Palm futures prices opened higher, tracking spread adjustment against the competing vegetable oils,” said a Kuala Lumpur-based trader, adding that bargain buying activities also supported prices. Dalian’s most-active soyoil contract rose 1.15%, while its palm oil contract for September delivery surged 2.17%. However, soyoil prices on the Chicago Board of Trade (CBOT) lost 0.6%. Palm oil tracks the prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm’s currency of trade, gained 0.81% against the U.S. dollar during early trade on Wednesday, making the ...