Palm oil closes at four-month high on Dalian, crude oil strength
JAKARTA: Malaysian palm oil futures rose for a second straight session on Tuesday, closing at their highest level in a little over four months as gains in rival edible oils on the Dalian exchange and in crude oil prices lent support to the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 24 ringgit, or 0.51%, at 4,747 ringgit…
Palm oil prices surged to a four-month high on Tuesday, buoyed by strength in rival edible oils and crude oil prices, according to the Bursa Malaysia Derivatives Exchange. The benchmark October delivery contract closed up 24 ringgit, or 0.51%, at 4,747 ringgit ($1,160.64) per metric ton. Dalian's leading soybean oil contract also gained 0.14%, while its palm oil contract rose 0.47%.
Palm oil mirrors price movements of competing edible oils as they vie for global market share, and crude oil prices jumped over 2% to their highest in nearly a week, as hopes for a U.S.-Iranian peace deal that would reopen the Strait of Hormuz faded following President Donald Trump's demand for compensation from Tehran. Malaysia's palm oil stocks reached a five-month high of 2.63 million metric tons in July, up 3.32% month-over-month, as production surged faster than export demand.
Palm oil exports for August 1-10 increased 9.21%, according to independent inspection firm AmSpec Agri Malaysia, with Intertek Testing Services reporting a 2.6% rise.
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