Palm oil makes more than 3% weekly gain for highest close in 14 weeks

Malaysian palm oil futures closed higher on Friday and posted a third consecutive weekly gain, supported by strength in rival edible oils in Dalian and Chicago. The futures also booked a 3.40% weekly gain and the highest close in 14 weeks. The benchmark palm oil contract FCPO1! for October delivery on the Bursa Malaysia Derivatives Exchange gained 106 ringgit, or 2.52%, to 4,316 ringgit ($1,017.92) a metric ton at the close. “Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar,” said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova. Dalian’s most-active soyoil contract (DBYcv1) rose 1.34%, while its palm oil contract CPO1! increased 2.28%. Soyoil prices on the Chicago Board of Trade ZL1! were up 1%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices edged ...