ICE canola ends higher on technical support, US soyoil strength
Oct 15 (Reuters) - ICE canola futures closed higher on Wednesday on a mix of technical buying and spillover strength from U.S. soyoil markets, traders said.
ICE November canola RSX5 settled up $4.80 at $620.40 per metric ton and most-active January canola RSF6 ended up $4.20 at $634.30 a ton.
Traders noted follow-through buying after the January contract RSF6 broke through chart resistance at its 20-day average a day earlier.
The November-January spread strengthened as traders rolled November positions forward ahead of the contract's delivery phase. November canola RSX5 narrowed its discount to the January RSF6 contract to $10.50 a ton, from $11.00 a day earlier.
A weaker Canadian dollar lent support to canola futures, making Canadian goods more competitive globally. CAD/
On the Chicago Board of Trade, December soyoil BOZ25 settled up 0.23 U.S. cent, or 0.5%, at 50.80 U.S. cents per pound.
Euronext November rapeseed futures COMX5 rose 0.21% and Malaysian palm oil futures FCPOc3 ended Wednesday up 0.36%. POI/
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