June 17, 2020 / 10:55 AM / 19 days ago

VEGOILS-Palm ends higher tracking rival oils on Dalian

* Palm oil up 0.17%

* Palm up as rival oils on Dalian higher - trader

* Rising production, profit-taking capped upside (Updates with closing prices, fresh comment)

By Liz Lee

KUALA LUMPUR, June 17 (Reuters) - Malaysian palm oil futures closed higher on Wednesday, tracking rival oils as stockpiling following concerns over the rising number of new coronavirus infections pushed prices higher on the Dalian Commodity Exchange.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 0.17% to 2,360 ringgit ($551.66) a tonne.

“Today’s strength comes from Dalian, trading higher on the back of stockpiling with worries of second wave of infection,” a trader in Kuala Lumpur said.

Earlier in the session, the resurgence of coronavirus cases pulled down trading sentiment as hopes for rapid economic recovery wavered.

Rising palm oil production and some profit-taking during the session capped gains in the futures contract, traders said.

Dalian’s most-active soyoil contract rose 0.43%, and its palm oil contract rose 1.98%. Soyoil prices on the Chicago Board of Trade, however, shed 0.18%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. ($1 = 4.2780 ringgit) (Reporting by Liz Lee; Editing by Krishna Chandra Eluri, Rashmi Aich and Vinay Dwivedi)

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