Palm tracks rival edible oils higher, heads for third weekly gains
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM80, or 1.9 per cent, to RM4,290 (US$1,010.84) a metric ton by the midday break.
The contract has gained 2.78 per cent this week.
"Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar," said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova.
Dalian's most-active soyoil contract rose 0.94 per cent, while its palm oil contract increased 1.53 per cent. Soyoil prices on the Chicago Board of Trade were up 0.78 per cent.
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 0.05 per cent against the dollar, making the commodity cheaper for holders of foreign currencies.
According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3 per cent from June 1-15, while cargo surveyor Intertek Testing Services reported a 6.2 per cent drop.
Meanwhile, Malaysia has hiked its August crude palm oil reference price, raising export duties to 9 per cent from 8.5 per cent in July.
Indonesia's biodiesel consumption reached 7.42 million kilolitres this year, as of July 16, 47.5 per cent of 2025's allocation.
Indonesia's plantation fund agency estimates levies collected on palm oil will touch 30 trillion rupiah (US$1.84 billion) this year, enough to finance the country's biodiesel mandate.
Palm oil may retest resistance at RM4,316 per metric ton, a break above which could lead to a gain into RM4,354 to RM4,392 range, Reuters technical analyst Wang Tao said.
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