Thailand
Malaysia: Palm sees strongest daily gains in a week on stronger soyoil
KUALA LUMPUR: Malaysian palm oil futures rose on Friday, charting its first gain in four sessions, tracking strength in rival oilseed soy.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 0.5 percent at 2,457 ringgit ($576.29) a tonne at the close of trade, its strongest daily gain in a week.
Palm however was down 1.6 percent on a weekly basis, a fourth consecutive weekly decline.
Traded volumes stood at 47,020 lots of 25 tonnes each in the evening.
“The market is up today on U.S. soyoil and Dalian,” said a futures trader from Kuala Lumpur, referring to overnight soyoil on the Chicago Board of Trade, and gains in related oils on China’s Dalian Commodity Exchange.
“There’s also some short-covering as we head towards the long weekend holiday.”
Malaysian markets will be closed on Monday for a public holiday.
Palm oil prices are typically affected by movements in soyoil, as both vegetable oils compete for a share of the global edible oils market.
Soybean oil on the Chicago Board of Trade saw strong overnight gains of 1.6 percent, but was last down 0.4 percent.
The September soybean oil contract on the Dalian Commodity Exchange gained 1 percent.
In other related oils, the September contract for palm olein was up 0.2 percent. – Reuetrs
Source: http://www.thestar.com.my/business/business-news/2017/06/10/palm-sees-strongest-daily-gains-in-a-week-on-stronger-soyoil/#TBh1HOexSP6Qw46z.99