Palm extends gains on bargain buying, ends the week higher in Malaysia

Malaysian palm oil futures rose for a second straight session on Friday on bargain hunting amid a recovery in rival oils, ending the week with modest gains. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange jumped 3.41% to close the day at 3,910 ringgit ($921.95) per tonne, adding to Thursday’s 0.75% gain. Palm gained 0.46% for the week. Palm advanced on continued bargain buying, while the market eyed the narrowing discount with competing oils, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group. “The uptick came following a recovery in CBOT soy oil futures overnight and in crude oil prices,” he said. Soyoil prices on the Chicago Board of Trade BOc2 rose 0.51%, their best in over a week and extending a 0.40% gain overnight. The Dalian exchange is closed this week for the Lunar New Year celebration. Palm oil is affected by price movements in related oils as they compete for a share in the global ...