Palm oil up ahead of leads on output data, poised for weekly gain
Malaysian palm oil futures inched higher on Friday, and were on track for a weekly gain, as traders awaited further leads on output data.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 24 ringgit, or 0.63%, to 3,844 ringgit ($904.90) a metric ton at the midday break.
The contract has gained 1.13% so far this week.
The market is waiting for the Malaysian Palm Oil Association’s production data for May 1-20, which is due later in the day or early next week, a Kuala Lumpur-based trader said.
Dalian’s most-active soyoil contract rose 0.21%, while its palm oil contract shed 0.17%. Soyoil prices on the Chicago Board of Trade rose 1.36%.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Oil prices slipped, weighed down by a stronger US dollar and the possibility that OPEC+ will further increase its crude oil output.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
The ringgit, palm’s currency of trade, strengthened 0.56% against the US dollar, making the commodity more expensive for buyers holding foreign currencies.
For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp.
It is a multi-functional online platform with market intelligence for grains and oilseeds that enables to get access to daily operational information on the Black Sea & Danube markets, analytical reports, historical data.
You are welcome to get a 7-day free demo access!!!
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon