February 20, 2008

Malaysia's soy oil futures higher on firm trends in oil markets

Malaysia's refined soy oil futures were higher due to firm trends in palm oil and crude oil markets.

Domestic prices of vegetable oils like palm oil and soy oil have risen in relation with the spike in crude oil, driven by the biodiesel industry.

The most active April crude palm oil futures on the Bursa Malaysia Derivatives Exchange increased MYR35 (US$10.87) to MYR3,630 (US$1,128) per tonne.

On the Dalian commodity exchange, May soy oil prices rose RMB150 (US$21) to close at RMB12,450 (US$1,740) per tonne, while May palm oil prices dropped RMB88 (US$12.30) to finish the session at RMB10,820 (US$1,512) per tonne.