Palm oil rises on strong export estimates, set for second weekly gain
Malaysian palm oil futures edged up Friday as early-October export data came in strong, putting the contract on track for a second weekly gain.
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what happened
Palm oil futures in Malaysia moved slightly higher on Friday, lifted by estimates from cargo inspection firms pointing to solid shipments in the first half of October. Those figures showed Malaysian palm product exports for October 1 to 15 climbing between 43.2% and 58.3% compared with the same stretch a month earlier.
The January contract on the Bursa Malaysia Derivatives exchange rose 5 ringgit, or 0.11%, to 4,730 ringgit ($1,159.03) per metric ton early in the session. It has added 3.09% so far this week, putting it on course for a second straight weekly advance.
Dalian's most-active soyoil contract fell 1.29% and its palm contract dropped 1.43%, while soyoil in Chicago slipped 0.39%. Palm competes with other vegetable oils for a share of global demand, so their prices tend to move together. The ringgit, the currency the commodity trades in, weakened 0.02% against the dollar.
why it matters
Softer crude makes palm oil a less appealing biodiesel feedstock, which could weigh on demand expectations. The weaker ringgit offers a small offset for overseas buyers, but export data and soyoil moves still set the overall tone for the sector.
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