Malaysia: Palm oil climbs to highest close in over a year
RBD Palm Oil
Malaysia
Market & Price Trends
Published Mar 15, 2024
Tridge summary
Malaysian palm oil futures have reached their highest closing level in over a year, with the benchmark contract for May delivery closing up 2.29% to 4,291 ringgit ($916.10). This increase, marking the fourth consecutive session of growth, is due to stronger performances from rival edible oils and concerns over dwindling reserves in Malaysia, the world's second-largest palm oil producer. The situation has spurred increased demand from key importers such as India, China, and the Middle East.
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 fourth consecutive session on Thursday totheir highest close in more than a year, underpinned by stronger rival edible oils and robust demand from key buyers. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange closed up 96 ringgit, or 2.29%,to 4,291 ringgit ($916.10), its highest closing level sinceMarch 3, 2023. Robust performance of competing oils and persistent apprehensions over diminishing reserves in Malaysia, the world’s second-biggest palm oil producer, have heightened demand from key importers such as India, China and the Middle East, Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co, said. Dalian’s most-active soyoil contract DBYcv1 rose 1.28%,while its palm oil contract DCPcv1 added 3.54%.Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.68%. Palm oil is affected by price movements in related oils as they compete for a share in the global ...
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