Palm oil snaps six-day decline after strong export data

Malaysian palm oil futures climbed on Monday, as the contract rebounded from a six-day decline, after higher palm exports in key producer Malaysia lifted market sentiment.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange was up 14 ringgit, or 0.36%, at 3,940 ringgit ($824.27) a metric ton, as of 0236 GMT, and set to end its longest losing streak since September 2023, if gains hold.

The contract lost 8.31% last week and posted its deepest week-on-week decline since end-April 2023.

Tags: Malaysia, palm oil, futures, benchmark contract