Malaysia: Palm posts 7% weekly gain on strong export data, Dalian prices

RBD Palm Oil

Malaysia

Published Nov 26, 2022

Tridge summary

Malaysian palm oil futures jumped on Friday, marking the first week of gains in three, as positive export data and strong vegetable oil prices on the Dalian Commodity Exchange boosted prices ahead of a long weekend. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 94 ringgit, or 2.33%, to 4,134 ringgit ($923.80) per tonne by Friday. The contract gained 7.37% for the week.

Original content

“The second session is driven by stronger Dalian prices, release of export data as well as long weekend covering,” a Kuala Lumpur-based trader said. The Malaysian bourse will be closed on Monday for a public holiday. Exports of Malaysian palm oil products for Nov. 1 – 25 were seen climbing between 4.1% and 12.9%, according to data from independent inspection company AmSpec Agri Malaysiaand cargo surveyors Societe Generale de Surveillance and Intertek Testing Services. Dalian’s most-active soyoil contract DBYv1 gained 1.23%, while its palm oil contract DCPv1 rose 1.54%. The Chicago Board of Trade was closed for the Thanksgiving holiday. Palm oil is affected by price ...

Source: Hellenic Shipping News

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