Malaysian palm ends near two-week high on weak ringgit, output cut forecast
RBD Palm Oil
Malaysia
Published May 26, 2023
Tridge summary
Malaysian palm oil futures jumped as much as 3% on Thursday, ending near a two-week high, helped by a weak ringgit and forecasts of an El Nino weather pattern hitting production next year.
Original content
Malaysian palm oil futures jumped as much as 3% on Thursday, ending near a two-week high, helped by a weak ringgit and forecasts of a El Nino weather pattern hitting production next year. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed up 91 ringgit, or 2.67%, to 3,498 ringgit ($788.73) a tonne. Palm rose for a second consecutive session to its highest closing level since May 15. Malaysia’s exports during May 1-25 fell 0.7% from the same week in April, cargo surveyor Intertek Testing Services said. Another cargo surveyor, AmSpec Agri Malaysia, said exports rose 0.7%. Crude palm oil production in the world’s second largest producer could drop between 1 and 3 million tonnes next year due to the El Niño weather pattern, the Malaysian Palm Oil Board (MPOB) said. Production plunged 20% during the 2016 El Niño event, but it should be less severe this year due to better planting material and improved labour conditions, the regulator’s ...
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