KUALA LUMPUR Malaysian palm oil futures rose as much as 3.2% on Monday, tracking strong gains in Dalian palm and rival soya oil, with better July exports also boosting sentiment.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed up 1.91% at 2,728 ringgit ($646.45) per tonne.
Palm, which rose for a third straight day, gained 16.5% in July, the most in a month since September 2015.
"A triple-digit rise on Dalian and confirmation of robust Malaysia July exports were both supportive," Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics said.
Malaysia's palm oil exports in July rose 5.8%-6.8% from June, cargo surveyors said.
Dalian's most-active soyaoil contract rose 2.75%, while its palm oil contract was up 3.72%. Soyaoil prices on the Chicago Board of Trade also gained 1.2%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Indonesia's plans to raise the bio-content of its palm oil-based biodiesel to 40% - known as B40 - is back on schedule with a target for implementation by July 2021.-Reuters
Comments
Comments are closed.