Palm oil rises on stronger crude, weaker rival oils cap gains
Benchmark December palm oil futures rose 1 ringgit to 4,673 ringgit a ton at midday in Kuala Lumpur.
(Recasts, update prices, adds analyst comments) By Bernadette Christina JAKARTA, Sept 28 (Reuters) — Malaysian palm oil futures slightly increased on Monday, supported by stronger crude oil prices and a softer ringgit, while weaker rival vegetable oils on Chicago and Dalian exchanges limited gains. 34) a metric ton by the midday break, after trading in a tight range between 4,653 ringgit and 4,720 ringgit. 61% last week. A Kuala Lumpur-based trader said the contract rose tracking gains in crude oil and supported by a weaker ringgit, the contract currency of trade.
"But weak Dalian and Chicago oils cap gains," the trader said. 53%. 12%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Oil prices rebounded more than 1% on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. 25% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may extend losses into a range of 4,588-4,622 ringgit per ton, as suggested by a projection analysis, Reuters technical analyst Wang Tao said.
3% from a month earlier, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said. com)