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Markets

Palm touches highest price on record on surge in exports, costlier rivals

  • The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 142 ringgit, or 3.2%, to 4,597 ringgit a tonne
30 Sep 2021

SINGAPORE: Malaysian palm oil futures hit a record high on Thursday, and marked its third straight session of gains, after exports of the edible oil surged and as it tracked rival oils elsewhere.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 142 ringgit, or 3.2%, to 4,597 ringgit a tonne, the highest since the futures first traded in 1980, Refinitiv data showed.

The contract also rose 8% in September, reversing last month's losses, underpinned by production headwinds including a labour crunch caused by local pandemic restrictions imposed earlier.

The surge in prices came after cargo surveyor Intertek Testing Services reported a 40% jump in Malaysian palm oil products exports in September compared to a month earlier.

Palm edges higher tracking rivals; cheaper crude weighs

Thursday's rise was also supported by stronger rival oils elsewhere, especially on the Dalian, two traders told Reuters.

The palm oil contract on the Dalian Commodity Exchange last traded up 3.3%, while its soybean contract jumped 2.5%.

The Dalian contracts rose higher on short-covering ahead of China's Golden Week holidays which starts on Friday, the traders said.

Meanwhile, CBOT soyoil also rose ahead of a widely watched US Department of Agriculture (USDA) report that is expected to show smaller stocks in the United States.

The CBOT soybean oil contract last rose 1.1%.

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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