Palm oil rises for second day on firmer soyoil, Malaysia production concerns

Published 2024년 9월 20일

Tridge summary

Malaysian palm oil futures experienced a second consecutive session of gains, with the benchmark contract for December delivery closing 0.88% higher at 3,879 ringgit a metric ton. The rebound in soyoil prices and production concerns in the world's second-larger producer, Malaysia, contributed to the increase. Despite a strengthening ringgit and stable crude palm oil prices, expected to range from 3,850-4,050 ringgit a metric ton in September, the prices could be capped by the commodity becoming more expensive for buyers holding foreign currencies. India's edible oil consumption is projected to grow at 2-3% despite an import duty hike, as cooking oils remain affordable.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures extended gains to a second consecutive session onThursday, underpinned by firmer soyoil prices and production concerns in the world’s second-biggest producer. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange closed 34 ringgit, or 0.88%, higher at 3,879 ringgit ($921.82) a metric ton. The contract rose as much as 3.17% to trade at a high of 3,967 ringgit a metric ton earlier in the session before paring back the gains. The rebound in soyoil prices is supportingMalaysian palm oil futures, with production concerns in Malaysia lending further support, a Mumbai-based dealer said. Dalian’s most-active soyoil contract DBYcv1 rose 1.21%,while its palm oil contract DCPcv1 added 3.6%.Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.05%. Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market. The ringgit MYR=, palm’s currency of trade, strengthened ...

Source: Hellenic Shipping News