Palm rises on stronger soyoil, positive export demand

Malaysian palm oil futures rose for a second straight session on Thursday, supported by stronger soyoil and robust demand from key export markets. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 50 ringgit, or 1.14%, to 4,438 ringgit ($1,055.91) a metric ton by the midday break. Crude palm oil traded higher on overnight strength in the soybean oil market, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. “The recent strong export performance also lifted market sentiment. We see prices supported above 4,400 ringgit and resistance at 4,550 ringgit,” he said. Cargo surveyors had estimated that exports of Malaysian palm oil products for September rose between 7.3% and 9.6% from a month earlier. Soyoil prices on the Chicago Board of Trade were up 0.28%. The Dalian Commodity Exchange is closed from October 1 to 8 for holidays. Palm oil tracks price movements of rival edible oils, as it ...