Palm closes higher on bargain buying, soyoil spread

Malaysian palm oil futures climbed for a second consecutive session on Thursday, supported by bargain buying and improved price competitiveness against soyoil. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange gained 13 ringgit, or 0.33%, to 3,979 ringgit ($974.29) a metric ton at the close. Traders are purchasing the price dips following the recent sell-off and the price of palm oil has also become increasingly attractive compared to other competing oils, particularly soybean oil, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Dalian’s most-active soyoil contract fell 0.38%, while its palm oil contract added 0.46%. Soyoil prices on the Chicago Board of Trade were up 0.31%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose slightly as investors assessed the likelihood of further U.S. sanctions against Russia and the ...