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 VEGOILS-Palm jumps over 1%, tracks gains in U.S. soyoil

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

Read more at https://www.todayonline.com/world/vegoils-palm-jumps-over-1-tracks-gains-us-soyoil

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