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JAKARTA: Malaysian palm oil futures closed lower on Friday, reversing their midday gains. However, they recorded a 2.31% weekly gain, compared with last week.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 5 ringgit, or 0.13%, to 3,766 ringgit ($802.39) a metric ton on its closing.

Despite a lower morning open, palm saw continuous buying towards midday close. Prices extended a positive streak, driven by the ongoing Globoil conference held in Mumbai, India until Sept. 30.

The Dalian Commodity Exchange is closed from Sept. 29 to Oct 6 for Mid-Autumn Festival and National Day. Soyoil prices on the Chicago Board of Trade were up at 0.04%.

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

World’s largest palm oil producer Indonesia exported 3.52 million metric tons of oil in July, including refined products, up 21.8% from last year.

Indonesia also set its crude palm oil reference price at $827.37 per metric ton for the Oct. 1-15 period, up from $798.83 a ton for the previous 15-day period.

India is likely to start the 2023/24 marketing year with record inventories of edible oils that will curtail new season imports.

Crude palm oil prices in 2024 are likely to average at least 11% more than this year as El Nino weather patterns are expected to reduce output in top producer Indonesia.

According to Refinitiv Commodities Research, warm and dry weather will prevail across Indonesia and Malaysia palm oil belts, unfavorable to palm oil productivity.

Malaysia’s palm oil production is, however, likely to rise next year as plentiful labour and the maturation of plantations for harvesting offset the impact of El Nino.

Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for Sept. 1-25 rose 17.5% during the same period in August.

Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for Sept. 1-25 rose 15.2% during Aug. 1-25.

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