KUALA LUMPUR: Malaysian palm oil futures rose more than 2 percent to an eight-week high on Wednesday evening, tracking gains in U.S. soyoil on the Chicago Board of Trade and palm olein on China's Dalian Commodity Exchange. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 2 percent at 2,198 ringgit ($526.21) a tonne at the close of trade. Gains in palm olein on China's Dalian Commodity Exchange also lent support to the Malaysian market, said another futures trader. In other related oils, the January soybean oil contract on the Dalian Commodity Exchange gained 0.8 percent, while the Dalian January palm oil contract rose 1.6 percent. Palm oil prices are impacted by changes in soyoil prices, as they compete for a share in the global vegetable oil market.

Source: The Star December 19, 2018 23:03 UTC