Malaysia: Palm rebounds on Dalian soyoil, bargain-buying

Malaysian palm oil futures bounced back on Monday, after six consecutive losing sessions, lifted by stronger Dalian soyoil prices and as traders bought cheaper contracts after the recent bout of declines. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange was up 112 ringgit, or 2.53%, at 4,545 ringgit ($1,012.93) a metric ton at the close. Crude palm oil was trading higher as investors lapped up cheaper contracts after recent declines and as some prices ticked up, including Dalian soyoil and rapeseed oil futures, said Anilkumar Bagani, commodity research head at Sunvin Group. Dalian’s most-active soyoil contract (DBYcv1) rose 1.09%, while its palm oil contract CPO1! gained 0.57%. Soyoil prices on the Chicago Board of Trade ZL1! were up 1.23%. The rapeseed oil futures contract at the Zhengzhou Commodity Exchange rose 1.12%. Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils ...