VEGOILS-Palm rises tracking stronger rival oils, set for second week of gains
JAKARTA, Aug 25 (Reuters) - Malaysian palm oil futures rose on Friday tracking stronger rival vegetable oils, and were set for a second straight week of gains.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.77% to 3,911 ringgit ($841.08) per metric ton by midday break.
For the week, the contract has gained 1.03% so far, and is on track to extend gains of 4.1% from last week.
"Bursa Malaysia crude palm oil futures opened higher today on the back of a strong palm oil buying from China in physical markets for September and October shipments since Thursday," said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group.
However, the sideways movement in the soyoil futures market at Chicago Board of Trade (CBOT) and palm oils narrowed down discount, he added.
Dalian's most-active soyoil contract DBYcv1 was up 1.91%, while its palm oil contract DCPcv1 grew 0.81%. Soyoil prices on the CBOT BOc2 rose 0.64%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Exports of Malaysian palm oil products for August 1-25 fell 7.8% to 974,235 tons from 1,056,830 tons during July 1-25, cargo surveyor Intertek Testing Services showed during midday break.
Indonesia's palm oil exports, including refined products in June stood at 3.45...
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25 августа 2023