Channel NewsAsia
AsiaPac · 2 hrs ago
VEGOILS - Palm rebounds on stronger rival oils, crude oil prices
KUALA LUMPUR, July 8 : Malaysian palm oil futures rose on Wednesday, after the previous session's slight decline, supported by stronger rival edible oils and crude oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.66 per cent, to 4,577 ringgit ($1,123.19) a metric ton in early trade. The contract slipped 0.07 per cent in the previous session. FUNDAMENTALS* Dalian's most-active soyoil contract was up 0.84 per cent, while its palm oil contract added 0.74 per cent. Soyoil prices on the Chicago Board of Trade rose 1.43 per cent. * Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.* Crude oil prices climbed nearly 2 per cent after the U.S. mi
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