Palm ends at highest in three months on firmer commodity prices, crude
- Dalian’s most-active soyoil contract rose 0.89 while its palm oil contract gained 1.15%
JAKARTA: Malaysian palm oil futures closed at its highest level in three months on Thursday, rising for the fourth consecutive session, boosted by firm commodity prices and crude.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange gained 46 ringgit, or 1.08%, to 4,318 ringgit ($1,100.13) a metric ton. It was the highest close since October 27, 2025.
“Today’s palm market is being supported by firm commodity prices; crude oil, soyoil at Dalian,” a Kuala Lumpur-based trader said.
Prices remain well-supported amid market anticipation of the upcoming Price Outlook Conference in Kuala Lumpur over February 9-11, the trader added.
Dalian’s most-active soyoil contract rose 0.89 while its palm oil contract gained 1.15%. Soyoil prices on the Chicago Board of Trade were up 0.46.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
The ringgit, palm’s currency of trade, weakened 0.31%against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Oil prices rose 1.5% on Thursday, extending gains for a third day, on increasing concerns the U.S. may carry out a military attack on key Middle Eastern producer Iran that could disrupt supply from the region.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.