KUALA LUMPUR (Sept 19): Malaysian palm oil futures opened lower on Monday but rose slightly by the midday break and are on track to rise for a second consecutive session, supported by expectations that stockpiles will remain tight and stronger performing rival oils. Benchmark palm oil futures for December on the Bursa Malaysia Derivatives Exchange saw a slight rise of 0.2 percent to 2,598 ringgit ($630) a tonne at noon. Palm marked its sharpest weekly decline in 10 weeks on Friday, falling 1.7 percent from a week ago after two earlier weeks of gains. Palm oil's price performance is frequently impacted by its rival oilseed soy, as they both compete for a share of the global edible oils market. In related vegetable oils, the Chicago Board of Trade's soybean oil December contract rose 1.1 percent, while the January soybean oil contract on the Dalian Commodity Exchange also gained 1.1 percent.

Source: The Edge Markets September 19, 2016 06:11 UTC