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Malaysian palm oil surges for fourth day on output concerns and firm rival oils

Updated Mar 31, 2023
Malaysian palm oil futures closed at a more than one-week high on Thursday, rising for a fourth consecutive session, underpinned by firm rival edible oils and expectations of lower production. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange rose 84 ringgit, or 2.27%, to 3,791 ringgit ($857.69).
“With both Dalian and Chicago soyoil trading firm today, Bursa Malaysia palm oil takes the opportunity to buy in anticipation of tomorrow export figures and to close the gap between futures and cash prices,” a Kuala Lumpur-based trader said, adding that supply concern following flood disruption also supporting Malaysian palm oil prices. Malaysian palm oil inventory estimated to shrank to below 2 million tonnes by the end of March, as world’s biggest palm oil exporter Indonesia raised domestic market obligation and restricted export, and global palm oil demand shifted to Malaysia, while production remained uncertain, said Anilkumar Bagani, commodity research head of Sunvin Group. Cargo surveyors are scheduled to release March exports data on Friday, while a millers’ association has pegged a 22.9% slump in March 1-25 output, analysts said. Dalian’s most-active soyoil contract DBYcv1 rose 1.34%, while its palm oil contract ...
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