26.04.2021 (www.todayonline.com) - SINGAPORE, April 26 - Malaysian palm oil futures rose 1.2% on Monday, as it tracked gains in soyoil on the Chicago Board of Trade (CBOT) which reached multi-year highs on tightening supplies.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained as much as 82 ringgit to 4,009 ringgit ($977.09) a tonne in early trade.
Supporting prices were gains in CBOT soyoil, traders told Reuters.
CBOT soybean futures closed higher on Friday, with the benchmark contract setting a multi-year high on firm cash soy markets and tightening global vegetable oil supplies.
CBOT soybean oil contract last jumped 1.6%.
Meanwhile, Dalian's most-active soyoil contract traded flat, while its palm oil contract fell 0.6%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may fall more to 3,859 ringgit per tonne, as it has broken a support at 3,945 ringgit, Reuters technicals analyst Wang Tao said.
* Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia. REUTERS
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