JAKARTA: Malaysian palm oil futures posted a second straight monthly rise in October amid concerns about tight supply, with prices tracking gains in rival vegetable oils on Friday after two consecutive sessions of losses.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange ended 1.91% higher at 5,023 ringgit ($1,213.58) per tonne, its best day since Oct. 20. Palm reversed the 1.66% losses posted over the two previous sessions.
It gained 9.31% for October, extending an 8.02% gain in September.
Palm prices tracked the rally in rival oils in other markets, a trader in Kuala Lumpur said, while the Malaysian palm market was “still tight on supply”.
Dalian’s palm oil contract gained 3.50%, while its most-active soyoil contract rose 2.25%. Soyoil prices on the Chicago Board of Trade increased 1.26%.
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