Palm oil ends with second consecutive weekly drop
Updates with closing prices
By Dewi Kurniawati
JAKARTA, Aug 2 (Reuters) -Malaysian palm oil futures closed higher on Friday tracking rival oils, although the ringgit's persistentstrength capped the upside momentum.
The contract fell 0.63%this week, a second consecutive weekly drop.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 47 ringgit, or 1.21%,to 3,917 ringgit ($871.41) a metric ton on the closing.
"Signs of recovery in Dalian palm olein and Chicago's soyoil have lifted the futures today. Nonetheless, the persistentstrength of the ringgithas capped the upside momentum," a Kuala Lumpur-based trader said.
The ringgit, palm's currency of trade, strengthened 1.58% against the U.S. dollar, making the vegetable oil less attractive for foreign currency holders.
Dalian's most-active soyoil contract DBYcv1 rose 0.82% higher, while its palm oil contract DCPcv1 gained 2.1%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.99%.
Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market.
India's palm and soybean oil imports surged to their highest levels in about a year in July, as refiners increased purchases following a price correction and in anticipation of a potential import duty hike, dealers said on Friday.
Indonesia's biodiesel consumption in the first half of 2024 reached 6.12 million kilolitres, data from the energy ministry showed on Friday.
Meanwhile, Indonesia's plan to revise domestic market obligation (DMO) rules for palm oil will not affect the DMO export ratio. Export quotas are set at four times the volume of palm oil that companies supply locally. Extra allotments are given to companies that sell in smaller, household-friendly sizes.
Malaysian palm oil exports in July were seen rising between 22.8% and 30.91%, cargo surveyor Amspec Agri and Intertek Testing Services said.
Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports stood at 1.48 million tons, according to LSEG, a 23.6% jump from June.
($1 = 4.4950 ringgit)
Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu and Janane Venkatraman
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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