Palm logs weekly gain, expectations of higher output cap the rise

Malaysian palm oil futures ended higher on Friday, and logged a weekly gain, though expectations of higher output capped their gains. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 7 ringgit, or 0.18%, to 3,827 ringgit ($905.16) a metric ton at the close. The contract gained 0.18% this week. Crude palm oil prices erased most of the morning gains after the release of the Malaysian Palm Oil Association’s (MPOA) production data for the May 1-20 period, a Kuala Lumpur-based trader said. The trader shared that MPOA estimated production during that period rose 3.51% month-on-month. Dalian’s most-active soyoil contract (DBYcv1) rose 0.18%, while its palm oil contract CPO1! shed 0.32%. Soyoil prices on the Chicago Board of Trade ZL1! rose 1.16%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices dropped for a fourth consecutive session on Friday and were ...