Palm rises on stronger Chicago soyoil, crude oil

Malaysian palm oil futures rose on Tuesday, tracking higher Chicago soyoil and crude oil prices, while a weaker ringgit also added support. The benchmark palm oil contract FCPO1! for February delivery on the Bursa Malaysia Derivatives Exchange gained 38 ringgit, or 0.93%, to 4,132 ringgit ($1,000.48) a metric ton by the midday break. “CPO opened higher in the morning session on news of China’s purchases of U.S. soybeans, and sentiment was also lifted by higher crude oil prices,” said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Chicago soybean futures edged higher as traders assessed the pace of U.S. soybean purchases by top buyer China following a trade truce between Beijing and Washington in late October. Dalian’s most-active soyoil contract (DBYcv1) barely changed, up 0.05%, while its palm oil contract CPO1! rose 0.72%. Soyoil prices on the Chicago Board of Trade (BOc2) added 0.5%. Palm oil tracks the price movements of rival edible oils ...