Palm oil heads for sixth straight weekly gain
JAKARTA, July 30 – Malaysian palm oil prices edged up on Friday, and are on track to post a sixth consecutive weekly rise, although a weaker soyoil capped gains.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.05% at 4,429 ringgit ($1,047.54) a tonne during early trade.
Palm is up more than 3.5% this week supported by stronger soyoil prices and concerns about production.
On Friday, Dalian’s most-active soyoil contract slipped 0.4%, while its palm oil contract gained 0.45%. Meanwhile, soybean oil prices on the Chicago Board of Trade dropped 0.23%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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