JAKARTA Malaysian palm oil futures rose on Friday on expectation of solid export data and as prices of rival oils increase, setting up the first weekly palm oil gain in three weeks.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.14% to 4,086 ringgit ($916.14) per tonne in early trade, recouping some of the 1.58% loss posted a day earlier.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Exports of Malaysia’s palm oil products in the Nov. 1-20 period rose between 2.9% and 9.6% from a month earlier, data from cargo surveyors showed this week. The Nov. 1-25 exports data are expected to be released later on Friday or Saturday.
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