Palm surges on Middle East conflict, records highest weekly gain in 16 months
Updates closing price
KUALA LUMPUR, Oct 4 (Reuters) -Malaysian palm oil futures closed higher and recorded a weekly gain onFriday, driven by a widening conflict in the Middle East.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 123 ringgit, or 2.94%,to 4,305ringgit ($1,021.35) a metric ton at closing.
The contract logged a weekly gain of 6.27%, the highest since June 2023.
The palm oil market is experiencing a bull run, mirroring a rally in crude oil amid the conflict in the Middle East, a Mumbai-based trader with a global trade house said.
"Palm oil is now also trading at a premium to soybean and sunflower oil," the trader said.
Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.92% at $44.94.Dalian's vegetable oil markets were closed for China's Golden Week holiday.
Sunflower oil is currently trading at 1,175.50 rupees ($14.00) per 100 kg on the National Commodity and Derivatives Exchange of India.
Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
The ringgit MYR=, palm's currency of trade, slightly strengthened 0.07%against the dollar, making the commodity more expensive forbuyers holding foreign currencies.
Oil prices rose further on Friday and were on track for strong weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against a well-supplied global market.O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
India's palm oil imports in September fell by nearly a third compared to the previous month, hitting a six-month low as a surge in tropical oil prices made it more expensive than rival oils, forcing refiners to postpone purchases, dealers said.
India on Thursday approved a 101 billion-rupee ($1.2 billion) programme to double edible oil production within seven years, aiming to reduce dependence on costlier imports.
($1 = 4.2150 ringgit)
($1 = 83.9540 Indian rupees)
Reporting by Ashley Tang; Editing by Varun H K and Shreya Biswas
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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