Malaysian palm oil rises for third day on Dalian gains with stronger crude oil

Malaysian palm oil futures rose for a third consecutive session on Monday to the highest closing in nearly seven weeks, tracking strength in rival edible oils in China and crude oil. The benchmark palm oil contract FCPO1! for May delivery gained 32 ringgit or 0.77% to 4,163 ringgit ($940.15) per tonne, after gaining 5.11% in the last two sessions. The contract hit the highest since Jan. 4 earlier in the session, riding on “spillover strength from the Dalian commodity exchange”, said a Kuala Lumpur-based trader, adding that a recovery in crude oil also helped the market. Dalian’s most-active soyoil contract (DBYv1) gained 0.86%, while its palm oil contract (DCPv1) rose 1.23%. The Chicago Board of Trade was closed for a public holiday. Palm is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Oil prices edged higher on optimism about China’s demand recovery, after losing around 4% last week, though concerns over rising ...