Palm oil futures rise in Malaysia on Dalian’s market boost

Published Dec 5, 2024

Tridge summary

Malaysian palm oil futures have risen for the second day, influenced by strong Dalian vegetable oil contracts and expectations from the upcoming November market poll. The February delivery benchmark increased by 0.93% to 5,122 ringgit per metric ton, driven by gains in Dalian's palm oil and soyoil contracts, though tempered by weaker Chicago soyoil and a stronger Malaysian ringgit. India's edible oil imports surged in November, while Malaysian exports are expected to decline. Additionally, Indonesia raised its crude palm oil reference price, leading to a higher export tax. Palm oil is anticipated to revisit its previous high after breaking resistance levels.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures rose for a second consecutive session on Wednesday, fuelled by the strength in Dalian vegetable oil contracts, while focus was also on the November market poll of planters and analysts for further direction. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 47 ringgit, or 0.93%, to 5,122 ringgit ($1,148.17) a metric ton by midday. The market is tracking the gains in vegetable oils on the Dalian Commodity Exchange, a Kuala Lumpur-based trader said. Dalian’s palm oil contract climbed 1.07%, while its most-active soyoil contract rose 0.05%. Soyoil was down 0.57% at the Chicago Board of Trade. However, price gain was capped by weakness in Chicago soyoil and stronger Malaysian ringgit, the contract’s currency of trade that strengthened 0.13% against the US dollar, the trader added. A stronger ringgit makes palm oil less attractive for foreign currency holders. India’s edible oil imports in November jumped ...

Source: UkrAgroConsult