Malaysian palm oil rises in second session with support from rival oil

Malaysian palm futures rose on Thursday for the second time, following strength on the Dalian market as China switched to palm oil in response to a trade dispute with Canada.

By midday, the benchmark contract for palm oil delivery in June on Bursa Derivatives Malaysia Exchange had gained 35 ringgit or 0.82% to 4,277 Ringgit ($965.90), a metric tonne. The ongoing China-Canada canola oil trade is supporting palm prices. China has, thus, switched to buying palm," said Kuala Lumpur based trader.

The Dalian Commodity Exchange's palm oil contract gained 0.54% while the most active soyoil contract grew by 0.36%. The Chicago Board of Trade's (CBOT) soyoil price was barely affected, rising 0.05%. Intertek Testing Services, a cargo surveyor, reported that exports of Malaysian products containing palm oil for the period March 1-25 fell 8.1%, to 835.732 metric tonnes, month-over-month. AmSpec Agri Malaysia, an independent inspection company, estimated that exports had fallen by 8.5% during this time.

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(source: Reuters)