Malaysian palm oil rises and snaps two-week decline on bargain buying and strong rival oils

Malaysian palm oil futures rose on Friday, buoyed by bargain buying and stronger rival edible oils, though weaker export estimates capped gains. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange gained 82 ringgit, or 1.8%, to 4,625 ringgit ($1,035.14) a metric ton at the close. The contract gained 4.33% this week, snapping a two-week decline. Crude palm oil futures were trading higher, supported by bargain buying, a weaker Malaysian ringgit and gains in Chinese vegetable oil futures in Asian hours on the day, Anilkumar Bagani, commodity research head at Sunvin Group, said. Dalian’s most-active soyoil contract (DBYcv1) climbed 0.78% and its palm oil contract CPO1! added 0.94%. Soyoil prices on the Chicago Board of Trade (CBOT) ZL1! rose 0.6%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit USDMYR, palm’s currency of trade, weakened 0.02% against the ...