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Palm surges 5 pct to 4-year high, tracking CBOT soyoil rally
Imaduddin
24 Nov, 2016
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Copyright Reuters, 2016
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![](https://i.brecorder.com/images/2016/11/palm-oil-nov.jpg">JAKARTA: Malaysian palm oil futures rose nearly 5 percent on Thursday to a four-year high, tracking a rally in soyoil on the Chicago Board of Trade (CBOT) on latest US government biodiesel requirements.</P><P>Weakness in the ringgit against the dollar also helped palm oil as it makes the tropical oil cheaper for foreign buyers. The Malaysian currency touched its lowest since Sept. 30, 2015, tracking slides in most government bond prices.</P><P>Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were up 2.2 percent at 3,020 ringgit ($677.89) a tonne at the midday break, heading for their fourth straight session of gains. Traded volumes stood at 24,633 lots of 25 tonnes each.</P><P>Palm oil futures rose as much as 4.9 percent soon after the market opened, touching their highest since September 2012, tracking the overnight soyoil market, traders said.</P><P>CBOT soyoil futures surged nearly 7 percent on Wednesday after the US government released final requirements for biofuel use for next year.</P><P>)
