Malaysian palm oil futures rose for a second session on Friday, reversing early losses as buying interest emerged by midday.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 30 ringgit, or 0.80%, to 3,801 ringgit ($810.97) a metric ton. Earlier in the session, the contract price fell to RM3,750. Palm oil futures rose 3.26% from last week. Despite the morning gap narrowing at the open, largely due to weakness in CBOT soybean oil, there was continued buying in palm oil by the midday close, a Kuala Lumpur-based trader said. Dalian Commodity Exchange is closed from September 29 to October 6 due to the Mid-Autumn Festival and National Day. Soybean oil prices on the Chicago Board of Trade rose 0.32%. Palm oil is affected by price changes in related oils as they compete for share of the global vegetable oil market. India is likely to start the 2023/24 marketing year with record stocks of edible oils, leading to lower imports in the new season. Crude palm oil prices in 2024 are likely to be at least 11% higher on average than this year as El Niño weather ...
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