KUALA LUMPUR: Malaysian palm oil futures rose on Monday for the ninth straight session, posting their longest winning streak in nearly 19 years, as a fall in exports slowed while crude and rival edible oils climbed on tightening global supplies.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 8 ringgit, or 0.2%, at 4,133 ringgit ($1,005.60) a tonne. Earlier in the session, it hit its highest in more than 13 years.
“The palm oil market continued to find support from external markets, mainly soya oil, rapeseed oil and crude oil,” said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.
Exports for March 1-15 fell 4.4% to 507,283 tonnes from the same period a month earlier, Intertek Testing Services data showed, slower than the 23% decline during March 1-10.
“March production in both Malaysia and Indonesia is expected to recover by double digits, while export from Malaysia is likely to recover in the second half of March,” Bagani said.
Dalian’s most-active soyaoil contract rose 0.6%, while its palm oil contract fell 0.2%. Soyaoil prices on the Chicago Board of Trade were up 0.1%.