News

Malaysian palm oil futures rose for a sixth straight session on Thursday

RBD Palm Oil
Oil & Fats
Malaysia
Market & Price Trends
Published Jan 12, 2024

Tridge summary

Malaysian palm oil futures rose for a sixth straight session, reaching 3,796 ringgit per metric ton at the close. Rising prices for rival oils supported the market, and interest in morning sales initially weighed on prices before a recovery in rival oilseed prices pushed them back to the psychological level of RM3,800. Palm oil prices are likely to rise to 4,000 ringgit per metric ton by the third quarter of this year, and strengthening crude oil futures makes palm oil a more attractive biodiesel feedstock option.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Malaysian palm oil futures rose for a sixth straight session on Thursday, with rising prices for rival oils supporting the market. The benchmark palm oil contract for March delivery on the Malaysia Derivatives Exchange Bursa rose 39 ringgit, or 1.04%, to 3,796 ringgit ($817.40) per metric ton at the close. "Strengthening prices in rival oilseeds supported palm oil prices for the sixth day in a row. Interest in morning sales weighed on prices before a recovery in rival oilseed prices pushed prices back to the psychological level of RM3,800," said a Kuala-based trader. Lumpur, writes Reuters. The most active Dalian soybean oil contract was up 0.51%, while the palm oil contract was up 1.37%. Soybean oil prices rose 1.08% on the Chicago Board of Trade. Palm oil is affected by price changes in related oils as they compete for share of the global vegetable oil market. Palm oil prices are likely to rise to 4,000 ringgit ($862.07) per metric ton by the third quarter of this year, an ...
Source: Oilworld
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