Palm posts weekly gain, snaps three-week losing streak

Malaysian palm oil futures snapped a three-week losing streak to post a weekly gain on Friday, as short coverings provided support to the market, while concerns over weak demand from India weighed. The benchmark palm oil contract FCPO1! for December delivery on the Bursa Malaysia Derivatives Exchange fell 4 ringgit, or 0.09%, to 4,442 ringgit ($1,056.11) a metric ton at the close. The contract rose 1.05% this week. Crude palm oil prices traded higher driven by short coverings, a Kuala Lumpur-based trader said. Meanwhile, India’s palm oil imports in September fell to their lowest level in four months, as refiners replaced palm oil with cheaper soyoil, according to five dealers. Soyoil prices on the Chicago Board of Trade ZL1! were down 0.48%. The Dalian Commodity Exchange is closed from October 1 to 8 on account of public holidays. Palm oil tracks rival edible oils’ prices as it competes for a share of the global vegetable oils market. Oil prices were stable but remained on course ...