Updates costs, provides analyst remark
SINGAPORE/ JAKARTA, June 15 (Reuters) – Malaysian palm oil futures jumped greater than 6% on Tuesday, snapping a six-days lossing streak, supported by discount shopping for and stronger soyoil costs on the Chicago Board of Commerce (CBOT).
The benchmark palm oil contract FCPOc3 for August supply on the Bursa Malaysia Derivatives Change closed 6.2% larger at 3,583 ringgit ($870.72) a tonne, after hitting a greater than four- month low on Monday.
“Soybean oil moved up on discount shopping for, pushing costs larger. For the time being, crude palm oil carefully following soybean oil,” a Kuala Lumpur-based dealer instructed Reuters.
CBOT soybean futures reversed earlier losses, with its soyoil contract BOcv1 rising 1.3%.
Soybean oil DBYcv1 and palm oil DCPcv1 costs on the Dalian Commodity Change fell 5.04% and 6.35%, respectively.
Palm oil is affected by worth actions in associated oils, as they compete for a share within the world vegetable oils market.
($1 = 4.1150 ringgit)
palmhttps://tmsnrt.rs/3viHoy5
(Reporting by Fathin Ungku, Bernadette Christina Munthe; Enhancing by Shailesh Kuber and Rashmi Aich)
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