Hellenic Shipping News (28/07/2021) - Malaysian palm oil futures rose for a third straight session on Tuesday, tracking gains in rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade (CBOT).

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 46 ringgit, or 1.1%, to 4,4429 ringgit ($10,502.07).

“It’s tracking firm external markets,” a Kuala Lumpur-based trader said.

U.S. soybean futures on the CBOT rose nearly 1% to rebound from a two-week low hit in the previous session after the U.S. Department of Agriculture reported that the condition of crops unexpectedly deteriorated last week.

Its soybean oil contract BOc2 was last up 0.2%.

Dalian’s most-active soyoil contract DBYcv1 rose 2.6% and its palm oil contract DCPcv1 jumped 2.8%.

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

Source: Reuters (Reporting by Fathin Ungku; Editing by Ramakrishnan M. and Aditya Soni)

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