Palm oil prices in Dalian are higher
The price of Dalian palm olein helped to support the closing prices for Malaysian palm oils futures on Thursday, after they had ended at a low level in the previous session.
At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery gained 41 ringgit or 1% to 4,149 Ringgit ($982.24) per metric ton.
A Kuala Lumpur-based trader stated that "the palm oil futures have been lifted by today's substantial improvement in Dalian palm olein price."
Dalian's palm oil contract, which is the most active contract, gained 1.32%. The Chicago Board of Trade's (CBOT) soyoil price rose 0.76%.
As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils.
The Brazilian Supreme Court has decided to suspend the ongoing legal proceedings regarding the so-called Soy Moratorium until it makes a final ruling on the issue.
India's rapeseed plantation is expected to reach a record high this year due to the Chinese purchasing record amounts of rapeseed meals and an above-average rain that has resulted into favourable soil moisture.
Palm oil is less appealing to foreign currency buyers because the ringgit (the palm's trade currency) has strengthened by 0.19%.
(source: Reuters)