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Palm tracks Chicago soyoil higher but set for second weekly loss

Published Jan 13, 2025

Tridge summary

Malaysian palm oil futures rose slightly on Friday, driven by stronger Chicago soyoil, but are set to mark a second consecutive weekly decline. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 1.05% to RM4,341 (US$966.17) a metric ton at midday. However, the rise was capped by expectations of a decrease in the Indonesian palm oil reference price for February, uncertainty over the success of Indonesia's B40 biodiesel mandate, and weak Dalian palm olein futures. Meanwhile, Malaysia's palm oil stocks have fallen for the third consecutive month, with a decrease of 6.91% to 1.71 million metric tons at the end of December.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures edged higher on Friday, tracking stronger Chicago soyoil, but were set for a second consecutive weekly loss. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose RM45, or 1.05 per cent, to RM4,341 (US$966.17) a metric ton at the midday break. The contract has declined 0.89 per cent so far this week. “Crude palm oil futures were seen trading higher on the back of a strong recovery in overnight Chicago soyoil and during Asian hours today,” said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. However, Bagani added that the expectations of a drop in Indonesian palm oil reference price for February, uncertainty over the success of Indonesia’s B40 biodiesel mandate, and lacklusture Dalian palm olein futures capped the gains. Dalian’s most-active soyoil contract rose 0.19 per cent, while its palm oil contract lost 0.33 per cent. Soyoil prices on the Chicago Board of Trade were ...
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