JAKARTA: Malaysian palm oil futures rose on Friday, supported by stronger rival vegetable oils and crude oil, but the contract was set to post a weekly decline amid soft export data for the Dec. 1-15 period.
Palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange gained 102 ringgit, or 2.62%, to 3,996 ringgit ($903.87) per tonne in early trade.
Dalian’s most active soyoil contract dropped 1.07%, while its palm oil contract rose 0.58%. Soyoil prices on the Chicago Board of Trade were up 0.27%. Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market. Exports of Malaysian palm oil products for Dec. 1-15 fell between 4% and 9.1% from a month earlier, cargo surveyors reported.
Indonesia is set to raise mandatory palm based biodiesel blending to 35% starting Jan. 1, 2023, as it will allocate 13.15 million kilolitres of palm-based biodiesel for the blending programme next year.
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