Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm tracks rival oils higher

KUALA LUMPUR, Dec 28 (Reuters) - Malaysian palm oil futures gained on Tuesday, rising for a fifth session in six on the back of strength in rival Chicago and Dalian oils.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 0.74% to 4,638 ringgit ($1,109.04) in early trade. It gained 0.78% in overnight trade.

FUNDAMENTALS
Dalian's soyoil contract DBYcv1 gained 0.4%, while its palm oil contract DCPcv1 rose 0.1%. Soybean oil prices on the Chicago Board of Trade BOc2 for May delivery climbed 0.55%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Oil gained more ground with prices trading close to last session's one-month high on expectations that the Omicron coronavirus variant will have only a limited impact on global demand.

Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

MARKET NEWS
Asian shares gained, cruising in the slipstream of another record-setting day on Wall Street amid strong retail figures, while the safe-haven yen lost ground as traders stayed in riskier currencies and asset classes like equities.
By: via Malaysian Palm Oil Council Russia