Palm oil futures extend gains amid strength in rival soybean oil

Futures for November delivery climbed as much as 1.6% to RM4,250, before closing at RM4,200 in Kuala Lumpur. Soybean oil, palm’s closest substitute, rose as much as 1% in Chicago to snap two days of losses.

PETALING JAYA: Palm oil climbed for a second straight day as a gain in rival soybean oil prices boosted the tropical oil’s appeal.

Futures for November delivery climbed as much as 1.6% to RM4,250, before closing at RM4,200 in Kuala Lumpur. Soybean oil, palm’s closest substitute, rose as much as 1% in Chicago to snap two days of losses.