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VEGOILS-Palm gains more than 6% on bargain-hunting, soyoil strength

06/15/2021 | 06:53am EDT

SINGAPORE/ JAKARTA, June 15 (Reuters) - Malaysian palm oil futures jumped more than 6% on Tuesday, snapping a six-days lossing streak, supported by bargain buying and stronger soyoil prices on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed 6.2% higher at 3,583 ringgit ($870.72) a tonne, after hitting a more than four- month low on Monday.

"Soybean oil moved up on bargain buying, pushing prices higher. At the moment, crude palm oil closely following soybean oil," a Kuala Lumpur-based trader told Reuters.

CBOT soybean futures reversed previous losses, with its soyoil contract rising 1.3%.

Soybean oil and palm oil prices on the Dalian Commodity Exchange fell 5.04% and 6.35%, respectively.

Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.

($1 = 4.1150 ringgit)

(Reporting by Fathin Ungku, Bernadette Christina Munthe; Editing by Shailesh Kuber and Rashmi Aich)


© Reuters 2021
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