Palm tracks rival oils higher

MG News | December 28, 2021 at 09:31 AM GMT+05:00

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December 28, 2021: Malaysian palm oil futures gained on Tuesday, rising for the fifth session in six on the back of strength in rival Chicago and Dalian oils.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 0.74% to 4,638 ringgit ($1,109.04) in early trade. It gained 0.78% in overnight trade.

FUNDAMENTALS

* Dalian's soyoil contract gained 0.4%, while its palm oil contract rose 0.1%. Soybean oil prices on the Chicago Board of Trade for May delivery climbed 0.55%.

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

* Oil gained more ground with prices trading close to last session's one-month high on expectations that the Omicron coronavirus variant will have only a limited impact on global demand.

* Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

Reuters

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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	60,455.00	60,455.00 59,790.00	460.00 0.77%
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