Palm rebounds on Dalian soyoil strength, profit taking

(US$981.06) a metric ton by the midday break. “Dalian’s soyoil strength and profit-taking supporting the rebounds today, after a sharp fall last week,” said Sandeep Singh, director of The Farm Trade, a Kuala Lumpur-based consulting and trading firm. Palm fell sharply last week due to continuing production in Malaysia, with end-stocks expected to reach 2.5 million metric tons in October, he added. Dalian’s most-active soyoil contract gained 0.47 per cent, while its palm oil contract shed 0.85 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) gained 0.12 per cent. 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 0.12 per cent against the dollar, making palm oil more attractive to buyers holding foreign currencies. Malaysia’s palm oil inventories are forecast to climb to a two-year high in October, driven by a surge in production to the highest level in seven ...