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Markets

Palm oil heads for sixth straight weekly gain

  • Palm is up more than 3.5% this week supported by stronger soyoil prices and concerns about production
30 Jul, 2021

JAKARTA: Malaysian palm oil prices edged up on Friday, on track to post a sixth consecutive weekly rise, although traders were concerned sharply rising prices could hurt demand.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.16% at 4,434 ringgit ($1,048.23) a tonne during the midday break.

"Lower production scenario due to COVID-related labour shortage continued to underpin prices, but sharply higher cash market prices can result in the evaporation of demand," said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

Palm is up more than 3.5% this week supported by stronger soyoil prices and concerns about production.

Palm edges up as rival oils gain, exports strengthen

On Friday, Dalian's most-active soyoil contract slipped 0.29%, while its palm oil contract gained 0.66%. Meanwhile, soybean oil prices on the Chicago Board of Trade dropped 0.37%.

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

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