SINGAPORE: Malaysian palm oil futures rose for a fifth consecutive session on Thursday, buoyed by last-minute buying ahead of September data from the Palm Oil Board.
Gains in palm and rival soyoil on China’s Dalian Commodity Exchange also supported the market.
Palm oil is affected by price movements in related oils that compete in the global vegetable oils market.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 0.2% up at 2,201 ringgit ($526.06) a tonne. The January palm oil contract on the Dalian exchange was last up 0.6% while the January soyoil contract was gained 0.2%.
Malaysia’s palm oil stockpiles at the end of September rose 9.3% from the previous month to 2.4 million tonnes, the Malaysian Palm Oil Board said after the market’s midday break.
Output in the world’s second-largest palm producer gained 1.2% to 1.8 million tonnes, while exports dropped 18.8% to 1.4 million tonnes, the data showed. In related edible oils, U.S. soyoil futures remained flat on the U.S. Chicago Board of Trade. – Reuters
Source : The Star