17.06.2020 (The Edge Markets MY) - KUALA LUMPUR (June 17): Malaysian palm oil futures closed higher today, tracking rival oils as stockpiling following concerns over the rising number of new Covid-19 infections pushed prices higher on the Dalian Commodity Exchange.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 0.17% to RM2,360 a tonne.

"Today's strength came from Dalian, trading higher on the back of stockpiling with worries about a second wave of infection," a trader in Kuala Lumpur said.

Earlier in the session, the resurgence of Covid-19 cases pulled down trading sentiment as hopes for a rapid economic recovery wavered.

Rising palm oil production and some profit taking during the session capped gains in the futures contract, traders said.

Dalian's most-active soyoil contract rose 0.43%, and its palm oil contract rose 1.98%. Soyoil prices on the Chicago Board of Trade, however, shed 0.18%.

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

https://www.theedgemarkets.com/article/palm-ends-higher-tracking-rival-oils-dalian