Palm rises on Dalian strength, posts second weekly gains

Malaysian palm oil futures booked a second consecutive weekly gain as the contract rose after a two-session slide, supported by strength in Dalian and Chicago vegetable oils. The benchmark palm oil contract FCPO1! for February delivery on the Bursa Malaysia Derivatives Exchange rose 47 ringgit, or 1.14%, to 4,152 ringgit ($1,010.96)a metric ton at closing. The contract rose 0.92% for the week. “Bursa Malaysia crude palm oil futures were seen trading higher today on bargain buying following a bullish recovery in Dalian palm olein futures and expectation of a resumption in Indian palm oil buying after washouts of some soyoil shipments,” said Anilkumar Bagani, commodity research head at Sunvin Group, a Mumbai-based brokerage. Dalian’s most-active soyoil contract (DBYcv1) gained 0.17%, while its palm oil contract CPO1! rose 0.94%. Soyoil prices on the Chicago Board of Trade (BOc2) climbed 0.19%. Palm oil tracks price movements of rival edible oils as it competes for a share of the ...