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.
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