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Thursday, October 6, 2022

Palm gains as recession fears ease, set for 10% weekly loss

KUALA LUMPUR: Malaysian palm oil futures rose on Friday for a second day — ahead of a long weekend — as easing recession fears lifted prices of edible oils, although the contract is set for a steep weekly decline.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 48 ringgit, or 1.16%, to 4,188 ringgit ($946.87) a tonne during early trade.

Palm oil may retest support at 3,782 ringgit

For the week so far, the contract is down 11%, its fifth weekly loss in six, in anticipation of rising June inventories and higher export volumes from Indonesia.

Palm gains as recession fears ease, set for 10% weekly loss

Source: Brecorder

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