Mumbai, 24 January 2025 (Commoditiescontrol) – Malaysian palm oil futures closed higher on Friday, driven by short covering ahead of the weekend, supported by a 13% decline in production data from the Malaysian Palm Oil Association (MPOA). The benchmark April contract on the Bursa Malaysia Derivatives Exchange settled 0.55% higher at 4,213 ringgit per metric ton.
For the week, prices edged up 0.55%, partially recovering from last week’s 4.6% drop.
On external markets, Dalian soyoil and palm oil contracts fell 0.83% and 0.67%, respectively, while CBOT soyoil slipped 0.82%.
In Indonesia, November palm oil stocks rose 3.2% from October as slowing exports offset lower production, according to GAPKI data.
Despite tight supply supporting elevated prices, palm oil faces challenges from its high premium, limiting market share against rival vegetable oils. Rising Indonesian inventories, weaker crude oil, and bearish soy oil trends signal potential price pressure in the days ahead.
(By Commoditiescontrol Bureau; +91 98201 30172)
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