ICE canola strengthens on short covering
All figures in Canadian dollars unless noted
July 16 (Reuters) -ICE canola futures ended higher on Tuesday on short covering and an uptick in soybean oil prices following the previous session's decline, traders said.
Most-active November canola RSX4 settled up $5.7 at $621.20 per metric ton.
The November-January canola spread RSX4-F5 strengthened, with the November contract tightening its discount to the January contract.
Rising soyoil prices supported canola futures, traders said. On the Chicago Board of Trade (CBOT), August soyoil BOQ24 settled up 0.28 cents at 46.7 cents per pound. GRA/
CBOT August soybeans SQ24 settled up 12-1/2 cents at $10.90-1/2 per bushel. Benchmark November soybeans SX24 gained 3-1/4 cents at $10.43-1/4 per bushel, after setting another contract low.
Euronext August rapeseed futures COMQ4 last rose about 0.3% while Malaysian palm oil FCPOc3 markets were last up about 0.5%. POI/
Reporting by Heather Schlitz; Editing by Mohammed Safi Shamsi
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