Business Recorder (18/10/2019) - Malaysian palm oil rose for a third consecutive session on Thursday buoyed by ongoing strength in rival oils on the Dalian Commodities Exchange, though a stronger ringgit capped gains. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed 0.3% higher at 2,259 ringgit ($540.69). Dalian's January palm oil contract last rose 0.6% while the January soyaoil contract rose 1%.

Elsewhere, US soyaoil futures on the Chicago Board of Trade were up 0.5%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. The rally in palm oil prices, however, was capped by a firmer ringgit and weaker oil prices, a Kuala Lumpur-based trader said. The ringgit was last up 0.4% against the dollar, making palm more expensive for buyers using other currencies, while oil prices eased after industry data showed larger-than-expected build-up in stocks in the United States. Palm oil may revisit its August 26 high of 2,312 ringgit per tonne, as it has pierced above a resistance at 2,266 ringgit, said Reuters analyst Wang Tao.

Read more at https://www.brecorder.com/2019/10/18/532196/palm-oil-rises-for-third-session/