By Bernadette Christina
JAKARTA, April 27 (Reuters) – Malaysian palm oil futures logged their largest bounce in 11 months to shut 4.76% increased on Tuesday after falling for 2 straight days, monitoring features in U.S. soyoil costs.
The benchmark palm oil contract FCPOc3 for July supply on the Bursa Malaysia Derivatives Change final traded at 4,072 ringgit ($994.14) a tonne on Tuesday, the very best closing worth since March 15.
“Since palm is buying and selling at large low cost to soy, any robust upside in soy, palm will observe up,” a Kuala Lumpur-based dealer stated.
Palm oil is affected by worth actions in associated oils as they compete for a share within the international vegetable oils market.
The Chicago Board of Commerce soyoil contract BOcv1 jumped 4.11% and Dalian’s most-active soyoil contract DBYcv1 added 0.09%. Dalian’s palm oil contract DCPcv1 slipped 0.24%.
($1 = 4.0960 ringgit)
(Reporting by Bernadette Christina Munthe; Enhancing by Uttaresh.V and Vinay Dwivedi)
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