Palm extends gains on Indonesia output risks, softer ringgit

Malaysian palm oil futures inched higher on Monday for a third straight session on a softer ringgit and bullish forecasts from leading industry analysts. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 13 ringgit, or 0.31%, to 4,158 ringgit ($1,002.89) a metric ton at the midday break. The contract is seeing support following bullish presentations at the Indonesia Palm Oil Conference last week, a Kuala Lumpur-based trader said. Analysts flagged that palm oil prices may increase in the coming months on uncertainties stemming from land seizure policies and a biodiesel plan by top producer Indonesia. Meanwhile the ringgit, palm’s currency of trade, weakened 0.41% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Dalian’s most-active soyoil contract rose 0.14%, while its palm oil contract gained 0.25%. Soyoil prices on the Chicago Board of Trade were up 0.22%. Palm oil tracks price movements ...