Palm Oil Edges Up on Higher Dalian Soyoil

Malaysian palm oil futures rose marginally on Thursday on higher Dalian soyoil prices, with investors on the wait for upcoming supply and demand data, but weaker crude prices capped gains.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 2 ringgit, or 0.08%, to 2,409 ringgit ($564.83) a tonne by 0308 GMT. Palm had risen 2% to close at a two-week high in the previous session.

The Malaysian Palm Oil Board and cargo surveyors are scheduled to release industry performance data on Friday. Malaysia’s palm oil inventories in June likely fell about 5% from May as a recovery in demand from key importers due to the easing of coronavirus-fuelled curbs lifted exports to a 10-month high, according to a poll…

View entirety: Economic Times