Palm oil extends gains on stronger Chicago soyoil
Malaysian palm oil futures extended gains for a second session, as stronger Chicago soyoil supported the market, though weather concerns and a weak November export data weighed.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 27 ringgit, or 0.66 percent, to 4,139 ringgit (USD979.88) a metric ton at the close.
The uptrend in Chicago soyoil prices is helping to sustain the palm market, though traders are also squaring off their positions ahead of a weather warning, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.
Supramaniam noted headwinds from weaker preliminary November export figures and a firming ringgit.
For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp.
It is a multi-functional online platform with market intelligence for grains and oilseeds that enables to get access to daily operational information on the Black Sea & Danube markets, analytical reports, historical data.
You are welcome to get a 7-day free demo access!!!
Read also
Indonesia’s biofuel expansion poised to drive palm oil prices to record highs
Ukrainian farmers ready for ggradual integration into the EU Common Agricultural P...
Algeria purchased a small shipment of wheat due to a reduction in available ports ...
Central Asian countries adopt food security plan through 2030
Oman launches wheat seed distribution drive in Dhahirah to boost 2025/26 harvest
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon