Palm closes up on bargain buyers, delays of rival oils shipments in Malaysia

Malaysian palm oil futures closed up on Monday for a third straight session, propped up by bargain buyers and delays in shipments of rival oils, although weaker crude oil prices capped gains. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange climbed 12 ringgit, or 0.33%to 3,694 ringgit ($794.58) a metric ton. “Emergence of bargain buyers, coupled with fast recovery in rival oilseeds have lifted prices to positive note,” a Kuala Lumpur-based trader said. Anilkumar Bagani, head of Research from India-based Sunvin Group said that additionally, the delays of soyoil and sunflower oil shipments amidst Red Sea tensions are alsoseen as supportivefor palm oil at the moment. Dalian’s most-active soyoil contract DBYcv1 fell 0.30%and its palm oil contract DCPcv1 traded flat.Soyoil prices on the Chicago Board of Trade BOcv1 were little changed. Palm oil is affected by price movements in related oils as they compete for a share of the global ...