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Thursday, February 29, 2024

Palm oil hits near three-week closing high

KUALA LUMPUR: Malaysian palm oil futures rose on Thursday for a third consecutive day, hitting a near three-week closing high as a weakening ringgit and strong exports supported sentiment.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed 76 ringgit, or 1.98%, higher at 3,922 ringgit ($843.44) a metric ton, its highest closing since July 28.

Bloated destination stocks and higher August production are keeping prices in check, said Sathia Varqa, a senior analyst at Singapore-based Fastmarkets Palm Oil Analytics.

The ringgit, palm’s currency of trade, slipped 0.5% against the dollar, making the commodity cheaper for buyers holding foreign currency.

Dalian’s most-active soyoil contract rose 0.8%, while its palm oil contract gained 0.8%. Soyoil prices on the Chicago Board of Trade were up 1.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil hits near three-week closing high

Source: Brecorder

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