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
Ukraine may export 9 million tonnes less maize due to maritime logistics issues
Ukraine prioritizes higher-value crops for rail exports amid port shutdowns
Pakistan’s actual wheat crop may be nearly 4 mln tons below official estimate
ADM completes first trial voyage using 100% biofuel
Time for ships to leave the Sulin Canal has increased to 2–3 days
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon