Palm oil gains tracking rival oils, higher crude prices

Malaysian palm oil futures closed higher on Monday, tracking stronger rival edible oils and higher crude prices, and also supported by a weaker ringgit. The benchmark palm oil contract FCPO1! for September delivery on the Bursa Malaysia Derivatives Exchange gained 58 ringgit, or 1.39%, to 4,232 ringgit ($995.76) a metric ton at the close. “Prices are supported by firm crude oil, which continues to bolster edible oil markets globally,” Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova, said. “The slight weakness in the ringgit has also sustained buying interest, making Malaysian palm oil more competitive internationally.” Dalian’s most-active soyoil contract (DBYcv1) increased 0.3%, while its palm oil contract CPO1! gained 0.71%. Soyoil prices on the Chicago Board of Trade ZL1! rose 0.8%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose on Monday and reached their ...