JAKARTA: Malaysian palm oil futures opened up on Thursday, mirroring the movement of rival soyoil at the Dalian market.
Palm ends with more than 19% annual gain after two years of losses
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange gained 56 ringgit, or 1.26%, to 4,504 ringgit ($1,006.26) a metric ton by 2.31 GMT.
Fundamentals
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Dalian’s most-active soyoil contract gained 2.15% and its palm oil contract rose 0.99%. The Chicago Board of Trade soyoil is still closed for New Year holiday.
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Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
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Indonesia slightly lowered its crude palm oil (CPO) reference price for January to $1,059.54 a metric ton, from December’s $1,071.67, according to a trade ministry regulation published on Tuesday.
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Exports of Malaysian palm oil products for December fell 2.5%, according to AmSpec Agri Malaysia, while Intertek Testing Services said they fell 7.8%.
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Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth.
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The ringgit, palm’s currency of trade, fell 0.18% against the US dollar, making the commodity cheaper for buyers holding foreign currencies.
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