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Palm ends higher on soyoil strength at Dalian and Chicago

Published Jan 14, 2025

Tridge summary

Malaysian palm oil futures have seen a surge in price, with the benchmark contract for March delivery increasing by 2.57% to 4,504 ringgit ($999.11) per metric ton, driven by the strength in soyoil markets in Dalian and Chicago. The rise in soyoil prices, following bullish USDA crop reports, has led to an uptick in palm oil prices as well. Despite a decline in Malaysia's palm oil stocks for the third month in a row, the weakening of the Malaysian ringgit against the U.S. dollar has made palm oil more attractive, making it a more attractive option for biodiesel feedstock.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures closed higher on Monday, tracking strength in rival soyoil on Dalian and Chicago markets. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange rose 113 ringgit, or 2.57%, to 4,504 ringgit ($999.11) a metric ton at the close. “Today’s market is tracking external performance of Dalian and Chicago soyoil,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract (DBYcv1) rose 2.81%, while its palm oil contract CPO1! added 3.16%. Soyoil prices on the Chicago Board of Trade ZL1! were up 0.35%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. China’s soybean oil and meal futures logged their biggest daily rise since 2023 on Monday, while rapeseed meal and palm oil contracts also jumped, following a rally in the Chicago soy complex after the release of bullish USDA crop reports. The U.S. Department of Agriculture (USDA) last Friday ...
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