Mumbai, 14 March (Commoditiescontrol) Malaysian palm oil futures gained for a fourth consecutive session on Thursday, reaching their highest in more than a year by the midday break, underpinned by stronger rival edible oils and robust demand from key buyers.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives (BMD) Exchange gained 89 ringgit, or 2.12%, to 4,284 ringgit ($914.21) by midday.
The contract is trading at highs last seen on March 6, 2023.
Robust performance of competing oils and persistent apprehensions over diminishing reserves in Malaysia, the world's second-biggest palm oil producer, have heightened demand from key importers such as India, China and the Middle East, a trade analyst.
Dalian's most-active soyoil contract rose 1.9%, while its palm oil contract added 2.98%. Soyoil prices on the Chicago Board of Trade were up 0.6%. Palm oil takes directions from the price movements in related oils as they compete for a share in the global vegetable oils market.
Malaysia's palm oil stocks at the end of February dwindled to their lowest in seven months as production hit a 10-month low, offsetting the slowdown in exports.
Inventories at the end of last month fell 5% to 1.92 million metric tons from January, crude palm oil production declined 10.18% to 1.26 million tons, while exports plunged 24.75%, data from industry regulator the Malaysian Palm Oil Board.
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