JAKARTA, July 30 (Reuters): Malaysian palm oil futures rose on Tuesday, supported by a stronger palm oil contract on the Dalian Commodity Exchange, and the Chicago soyoil.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit or 0.2 per cent to 3,916 ringgit ($847.62) per metric ton at closing.
"Bursa Malaysia crude palm oil futures were seen trading higher today following a recovery in Chicago soyoil futures from the early setback on Monday overnight and in South American crude degummed soybean oil FOB markets," said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group.
Dalian's palm oil contract was up 0.95 per cent, while soyoil prices on the Chicago Board of Trade were up 0.19 per cent, although the Dalian soyoil contract slipped 0.6 per cent.
Palm oil tracks price movements of rival edible oils as they compete for a share of the global vegetable oils market.
Indonesia raised its crude palm oil reference price for August to $820.11 per metric ton from $800.75 per ton in July, but will keep the export tax and export levy unchanged, a trade ministry official said on Tuesday.
Palm oil futures edge up
FE Team | Published: July 31, 2024 00:32:44
Palm oil futures edge up
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