Palm oil snaps six-day losing streak on soyoil strength in Malaysia

Malaysian palm oil futures rebounded on Monday to snap a six-day decline to track higher soyoil prices, althoughexpectations of higher palm production, loweroil prices, and a stronger ringgit capped gains. The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange rose 14 ringgit, or 0.36%, at 3,940 ringgit ($819.53) a metric ton at closing, ending its longest losing streak since September 2023. Dalian’s most-active soyoil contract DBYcv1 rose 0.29%, while its palm oil contract DCPcv1 lost 1.21%. Soyoil prices on the Chicago Board of Trade BOcv1 ticked 0.87% higher. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. With destinations having rationed palm imports in response to high prices, palm is beginning to compete with alternative oils on price in anticipation of normal seasonally increased production, said Pranav Bajoria, director at Singapore-based brokerage ...