Palm Oil Prices Rise on Higher Crude Oil and Soybean Oil

Palm oil prices rose on September 14 due to increased crude oil prices and a strengthening Chicago soybean oil market.

The November contract on Bursa Malaysia Derivatives gained 39 ringgit, or 0.81%, to 4,853 ringgit/t ($1,191/t), as crude oil prices climbed more than 3% following new attacks on Saudi energy infrastructure and ships in the Middle East.

This increase in crude oil prices makes palm oil a more competitive biodiesel feedstock.