Palm rises on stronger crude oil, poised for first weekly gain in four

4,460 ringgit (US$1,059.38) a metric ton in early trade. The contract has risen 1.36 per cent so far this week. Soyoil prices on the Chicago Board of Trade were up 0.04 per cent. The Dalian Commodity Exchange is closed from October 1 to 8 for holidays. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose slightly after four straight sessions of declines but were on track for their steepest weekly decline since late June due to market expectations that the OPEC+ group could hike output further despite oversupply concerns. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, weakened 0.19 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies. Indonesia’s state palm oil company Agrinas Palma Nusantara plans to develop a biofuel production complex in the Papua region, aiming to produce ...