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Malaysian palm oil futures rose for a fourth straight session and booked a weekly gain on Friday, ahead of export estimates from the world’s second-biggest producer for July 1-20.
The Bursa Malaysia Derivatives Exchange’s benchmark palm oil contract for October delivery closed 23 ringgit or 0.58% higher at 3,958 ringgit ($844.82) a metric ton.
The contract gained 1.15% this week, after falling 3.14% last week. The market is trying to gauge the upside potential in July’s production and the likely drop in stock levels due to higher exports, a Mumbai-based trader said. “Palm oil export numbers have been quite robust so far this month,” the trader added.
Cargo surveyors are expected to release Malaysian palm oil export estimates for July 1-20 on Saturday. Dalian’s most-active soyoil contract gained 0.84%, while its palm oil contract lost 0.33%.
Source: Business Recorder
