VEGOILS-Palm rises on rival Dalian, crude oil strength; set for weekly gain
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Malaysian palm oil futures rose, supported by stronger Dalian oils and crude oil prices, marking a weekly gain. The March delivery contract increased by 0.99% to 4,077 ringgit per ton. Dalian's soyoil and palm oil contracts also rose. Crude oil prices climbed due to U.S. actions against Venezuelan oil and airstrikes in Nigeria. The ringgit strengthened, making palm oil more expensive for foreign buyers. Indonesia plans to collect fines from illegal palm oil operations. Palm oil may rise further, breaking resistance at 4,042 ringgit per ton.
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