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Markets

Palm oil set to climb for fifth week on production concerns

  • Palm has risen 0.6% so far this week and is on course for its longest weekly rise since mid-June 2020
23 Jul 2021

KUALA LUMPUR: Malaysian palm oil futures rose on Friday and were set to gain for a fifth consecutive week, their longest weekly winning streak in more than a year, underpinned by concerns over declining production as a labour shortage hampers output.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 42 ringgit, or 1.02%, to 4,163 ringgit ($985.56) a tonne during early trade.

Palm has risen 0.6% so far this week and is on course for its longest weekly rise since mid-June 2020.

FUNDAMENTALS

  • A labour shortage and coronavirus restrictions are clouding outlook for palm oil production in Malaysia, dashing hopes of a large rise in output in the seasonal peak production months during the third quarter of the year.

    • Dalian's most-active soyoil contract fell 0.2%, while its palm oil contract gained 0.9%. Soyoil prices on the Chicago Board of Trade were down 0.5%.

Palm oil jumps over 3pc

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

  • The ringgit, palm's currency of change fell 0.01% against the dollar, making the commodity cheaper for holders of foreign currency.

    • Palm oil may fall to 4,009 ringgit per tonne, as it failed a few times to break a resistance at 4,164 ringgit, Reuters technical analyst Wang Tao said.

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