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Vegoils: Palm oil edges higher, tracking gains in U.S. soyoil

Reuters  |  KUALA LUMPUR 

By Emily Chow

(Reuters) - Malaysian futures edged higher on Friday after four sessions of declines, as it tracked gains in U.S. soyoil on the

The market, however, is seen to be range-trading pending further leads, said a Kuala

The benchmark palm contract for June delivery on the Bursa slightly was up 0.1 percent at 2,425 ringgit ($625.32) a tonne at the midday break.

Palm is down 3.2 percent for the week, poised for its sharpest weekly decline in five weeks.

Trading volumes stood at 14,551 lots of 25 tonnes each at the midday break.

"Palm prices may attempt to rebound after recent losses, but a recovery in rival oilseed may lend support and cushion the selling interest," said another

Palm prices are affected by movements in rival edible oils, as they compete for a share in the global vegetable oils market.

The Chicago Board of Trade's May contract gained 0.2 percent, after dropping as much as 1 percent earlier this week.

In other related oils, the May on China's slipped as much as 1 percent, while the Dalian May palm contract edged down up to 0.6 percent.

Palm may test a resistance at 2,433 ringgit, as it seems to have stabilized around a support at 2,401 ringgit per tonne, said Wang Tao, a

(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 11:17 IST