Palm snaps 3-session losing run on strong exports, logs weekly decline

Malaysian palm oil futures rose on Friday, recovering some losses from earlier in the week, driven by strong export data and gains in other oils. The benchmark palm oil contract for October delivery increased by 23 ringgit to 3,941 ringgit per metric ton, despite a 0.5% weekly decline. Exports of Malaysian palm oil products for July 1-25 surged 31% year-on-year. Dalian's soyoil and palm oil contracts also saw gains, while soyoil prices on the Chicago Board of Trade fell. Palm oil prices are influenced by movements in related oils due to competition in the global vegetable oils market. Crude oil prices remained relatively unchanged but were on track for a third weekly decline, affecting palm oil's attractiveness for biodiesel feedstock.

Malaysian palm oil futures on Friday gained someground lost this week and snapped a three-session decline onrobust exports data, while also tracking a rise in other oils. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange climbed 23 ringgit, or0.59%,to 3,941 ringgit ($846.62) a metric ton. However, the contract logged a 0.5% weekly decline. Exports of Malaysian palm oil products for July 1-25 rose 31% year on year, cargo surveyors Intertek Testing Services and Amspec Agri said on Thursday. Cargo surveyor Societe Generale de Surveillance (SGS ) estimates exports of Malaysian palm oil products for July 1-25 at 1,193,049 metric tons, from 908,517 metric tons shipped during June 1-25, according to LSEG. Dalian’s most-active soyoil contract DBYcv1 gained 1%,while its palm oil contract DCPcv1 rose 1.8%.Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.6%. Palm oil is affected by price movements in related oils as they ...