Palm tracks Dalian, Chicago edible oils higher

Malaysian palm oil futures rose on Tuesday, tracking rival edible oils in Chicago and Dalian markets higher, while a weaker ringgit added support. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained RM13, or 0.32 per cent, to RM4,107 (US$994.19) a metric ton by 0247 GMT. Dalian’s most-active soyoil contract gained 0.31 per cent, while its palm oil contract rose 0.49 per cent. Soyoil prices on the Chicago Board of Trade added 0.29 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Chicago soybean futures edged higher as traders assessed the pace of US soybean purchases by top buyer China following a trade truce between Beijing and Washington in late October. Malaysian ringgit, palm’s currency of trade, eased 0.1 per cent against the US dollar on the day, making the contract cheaper for foreign currency holders. Indonesia’s largest palm oil association ...