Palm rises marginally on rival oil strength

MG News | November 01, 2021 at 12:27 PM GMT+05:00

0:00

November 1, 2021: Malaysian palm oil futures rose slightly on Monday, extending their rally after two straight months of gains, as strength in rival oils lent buoyancy to the tropical commodity.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange climbed 0.2% to 5,036 ringgit ($1,215.25) a tonne in early trade. It gained 9.31% for October.

FUNDAMENTALS

* Dalian's palm oil contract gained 1.9%, while its most-active soyoil contract rose 0.6%. Soyoil prices on the Chicago Board of Trade rose 0.2%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil looks neutral in a range of 4,909-5,048 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Reuters

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