Palm rises on firmer crude, Chicago soyoil but poise for third weekly fall

KUALA LUMPUR: Malaysian palm oil futures edged higher on Friday, buoyed by stronger crude oil and Chicago soyoil prices, though the contract remained on track to log a third straight weekly fall.

Palm rises on firmer crude, Chicago soyoil but poise for third weekly fall. KUALA LUMPUR: Malaysian palm oil futures edged higher on Friday, buoyed by stronger crude oil and Chicago soyoil prices, though the contract remained on track to log a third straight weekly fall. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM24, or 0.55 per cent, to RM4,417 (US$1,119.93) a metric ton in early trade. The contract has declined 2.62 per cent so far this week. Dalian's most-active soyoil contract fell 0.98 per cent, while its palm oil contract shed 0.36 per cent. Soyoil prices on the Chicago Board of Trade were up 0.42 per cent. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose as market concerns persisted ove...