KUALA LUMPUR, Feb 21 (Reuters): Malaysian palm oil futures rose on Friday and logged afifth consecutive weekly gain, their longest winning run in three years, as expectations of weaker production supported prices.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 22 ringgit, or 0.47 per cent, to 4,664 ringgit($1,056.16) a metric ton at the close.
The contract provisionally rose 1.57 per cent this week.
The market is trading higher due to expectations of a weaker output in Malaysia, which may lower overall stock levels in the country, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd.
Dalian's most-active soyoil contract fell 0.08 per cent,while its palm oil contract added 0.95 per cent. Soyoil prices on the Chicago Board of Trade were down 0.48 per cent.
Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Palm oil logs fifth weekly gain on output concerns
FE Team | Published: February 21, 2025 21:54:21
Palm oil logs fifth weekly gain on output concerns
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