Palm snaps four-day losing streak on Chicago soyoil strength

Malaysian palm oil futures recovered on Wednesday after four straight sessions of losses, with stronger Chicago soyoil and Dalian palm oil prices lending support to the market. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 32 ringgit, or 0.8%, to 4,022 ringgit ($972.91) a metric ton at closing. The contract had hit its lowest since July 2 in the previous session. “Bursa Malaysia CPO futures prices experienced a technical rebound after yesterday’s steep drop,” said a Kuala Lumpur-based trader, adding that a recovery in Dalian palm oil and strengthening Chicago soyoil also lent support. Dalian’s most-active soyoil contract (DBYcv1) was down 0.12%, while its palm oil contract gained 0.21%. Soyoil prices on the Chicago Board of Trade (BOc2) were up 0.34%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Exports of Malaysian palm oil products for the November ...