Malaysian palm oil futures posted weekly gains on Friday

Malaysian palm oil futures posted weekly gains on Friday as strong export data and rising crude oil prices largely offset weaker prices for rival oils. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose RM13, or 0.35%, to RM3,771 ($791.40) a metric tonne, ending the week up 0.35% . “Palm prices were under pressure throughout the day but pared losses to close marginally higher on promising exports but uncertain production prospects,” said Satya Varka, senior analyst at Fastmarkets Palm Oil Analytics, reported Reuters. Malaysian palm oil product exports are estimated to have grown by 7.9% to 9.9% between Oct 1-20, according to AmSpec Agri Malaysia and Intertek Testing Services. The most active Dalian soybean oil contract fell 1.36%, while the palm oil contract fell 1.82%. Soybean oil prices on the Chicago Board of Trade rose 0.76%. Palm oil is affected by price changes in related oils as they compete for share of the global vegetable ...