Malaysian palm oil futures closed higher on Monday for a third straight session

Malaysian palm oil futures closed higher on Monday for a third straight session, helped by bargain buyers and supply delays for rival oils, although lower crude prices capped gains. The benchmark palm oil contract for March delivery on the Bursa Malaysia derivatives exchange rose 12 ringgit, or 0.33%, to 3,694 ringgit ($794.58) a metric tonne. "The emergence of profitable buyers, coupled with a rapid recovery in prices of competing oilseeds, has lifted prices on a positive note," said a Kuala Lumpur-based trader. Anilkumar Bagani, head of research at India's Sunvin Group, said that in addition, delays in soybean and sunflower oil shipments amid tensions in the Red Sea are also seen as favorable for palm oil at the moment, Reuters reported. Dalian's most active soybean oil contract fell 0.30%, while the palm oil contract was unchanged. Soybean oil prices on the Chicago Mercantile Exchange remained virtually unchanged. Palm oil is affected by fluctuations in prices of related oils ...