Palm oil rises tracking firmer Dalian rivals; stronger ringgit limits upside

Published 2025년 5월 15일

Tridge summary

Malaysian palm oil futures saw a fourth consecutive session of gains, rising 0.82% to 3,925 ringgit ($915.99) a metric ton, driven by stronger vegetable oil prices on the Dalian exchange. However, the ringgit's strength capped the gains. Indonesia plans to increase its crude palm oil export levy to finance a higher biodiesel blending mandate from May 17. Meanwhile, Malaysia's palm oil stocks hit a six-month peak in April due to surging production and declining local consumption.

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Original content

Malaysian palm oil futures extended gains to the fourth straight session on Wednesday, taking cues from stronger related vegetable oil prices on the Dalian exchange, but a firmer ringgit capped its gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed up 32 ringgit or 0.82% to 3,925 ringgit ($915.99) a metric ton. “Palm futures prices opened higher, tracking spread adjustment against the competing vegetable oils,” said a Kuala Lumpur-based trader, adding that bargain buying activities also supported prices. Dalian’s most-active soyoil contract rose 1.15%, while its palm oil contract for September delivery surged 2.17%. However, soyoil prices on the Chicago Board of Trade (CBOT) lost 0.6%. Palm oil tracks the prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm’s currency of trade, gained 0.81% against the U.S. dollar during early trade on Wednesday, making the ...

Source: UkrAgroConsult