Mumbai, 06 Dec (Commoditiescontrol): Malaysian crude palm oil (CPO) futures extended their rally on Friday, buoyed by stronger soyoil prices on the Dalian and Chicago exchanges.
The benchmark February delivery contract on the Bursa Malaysia Derivatives Exchange rose 39 ringgit, or 0.76%, to close at 5,174 ringgit ($1,169) per metric ton. This marked a weekly gain of 2.83%.
Gains in the CPO market followed a 0.58% rise in Dalian’s most-active soyoil contract, while its palm oil counterpart dipped slightly by 0.04%. On the Chicago Board of Trade, soyoil prices edged up by 0.28%. Palm oil prices often track rival edible oils as they compete for a share of the global vegetable oils market.
A recent media survey highlighted expectations of a decline in Malaysia’s palm oil inventories for November, marking a second consecutive monthly drop. Torrential rains in the region have disrupted production, tightening supply and supporting prices.
Despite the upward trend in palm oil, broader oil markets faced pressure. Crude oil prices dipped during early Asian trade, weighed down by weak demand and the OPEC+ decision to postpone planned supply increases while extending output cuts until the end of 2026.
Technical analysis suggests palm oil prices could climb further, with a potential range of 5,202 to 5,242 ringgit per metric ton, driven by bullish momentum.
As Malaysia’s palm oil market remains influenced by global edible oil dynamics and local weather disruptions, prices are likely to remain supported in the near term.
(By Commoditiescontrol Bureau: 09820130172)
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