Palm oil sets third weekly gain on Ramadan demand, production declines
Malaysian palm oil futures closed higher on Friday, logging a third straight week of gains, supported by a weaker ringgit, anticipated Ramadan demand and seasonal production declines.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange climbed RM102, or 2.32 per cent, to RM4,505 (US$1,015.33) a metric ton at the close, setting a third straight day of increase.
The contract gained 5.04 per cent this week.
Palm oil futures experienced a notable surge, driven by a strong performance in related vegetable oil markets, particularly on the Dalian market, said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
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