Palm oil ends with more than 4% weekly gains, highest since June 2022
Updated with closing prices
By Dewi Kurniawati
JAKARTA, Nov 8 (Reuters) -Malaysian palm oil futures closed higher for a third straight week of gains on Friday as a major industry conference in Bali revealed projections on production and prices of palm oil for 2024-2025.
The contract gained 4.77% this week, the highest since June 20, 2022.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 148 ringgit or 2.99%, to 5,100 ringgit ($1,164.38) a metric ton on the closing.
"The futures gapped up during opening and faced resistance at prices above 5,000 ringgit. However, it stayed supported near this level amid the broader vegetable oils rally, indicative of strong bullish sentiment," said Darren Lim, Singapore-based brokerage Phillip Nova.
Malaysian benchmark palm oil futures has seen more than a 35% rise this year and is expected to trade above and around 5,000 ringgit ($1,141) per metric ton until June 2025, supported by tight supply and bullish demand, industry analysts said during a major industry conference in Bali on Friday.
Indonesia's plan to raise the mandatory palm oil content of biodiesel to 40% next year from 35% will require an additional feedstock supply of around 3 million metric tons, a senior Indonesia Palm Oil Association (GAPKI) official said.
Global palm oil output is seen rising by 2.3 million tons in the October 2024 to September 2025 season, rebounding after a drop of 1.2 million tons in the 2023-2024 season, industry analyst Thomas Mielke said.
Dalian's most-active soyoil contract DBYcv1 rose 0.5%, while its palm oil contract DCPcv1 gained 2.46%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.7%.
Palm oil tracks the price movements of rival edible oils as it competes for a share in the global vegetable oils market.
The ringgit MYR=, palm's currency of trade, strengthened 0.45% against the U.S. dollar, making the vegetable oil more expensive for buyers holding foreign currencies.
Oil prices fell slightly as the risk of a hurricane in the Gulf of Mexico significantly affecting U.S. oil and gas output declined, while the market weighed how President-elect Donald Trump's policies might affect supplies.O/R
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
($1 = 4.3800 ringgit)
Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu, Sumana Nandy and Vijay Kishore
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.
Vegetable oils OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
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