Palm Oil Rises on Strong Crude and Chinese Edible-Oils Contracts

Palm oil prices in Malaysia rose for a second consecutive day due to stronger crude oil and higher edible-oil contracts in China.

The benchmark November palm oil contract on Bursa Malaysia increased by 0.59% to 4,958 ringgit per metric ton, according to Reuters.

This rise was partly attributed to the increase in Dalian's palm oil contract and soyoil, which can influence regional prices due to their competition in the global market.

The strength of crude oil also played a role, as higher petroleum prices make biodiesel more competitive, allowing fuel makers to pay more for palm oil without losing the price battle with regular diesel.