Malaysian palm oil higher

Malaysian palm oil futures closed up on Monday, following rival vegetable oils, while the market awaits Malaysian Palm Oil Board (MPOB) data and export figures. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.47%, to 4,891 ringgit ($1,119.22) a metric ton on the closing.

“The futures seem to be following Dalian palm oils support. We will establish our lead once the MPOB and export data are out. For the time being, it should be tracking leads from rival oils,” a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract rose 1.43%, while its palm oil contract gained 1.46%. Soyoil prices on the Chicago Board of Trade were up 0.32%. Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market.

Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election and a key meeting in China.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

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Tags: palm oil, futures, benchmark contract, soyoil, prices, Malaysia