Palm falls on profit-taking, breaks four consecutive weekly gains
Updates closing price
KUALA LUMPUR, Oct 18 (Reuters) -Malaysian palm oil futures booked a weekly loss on Friday due to profit-taking, though traders expect the Malaysian 2025 budget announcement and export data to support the market.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange fell 21 ringgit, or 0.49%, to 4,257 ringgit ($989.54) a metric ton at the close.
The contract declined 2.14% this week, breaking a four-week session of gains.
China's third-quarter economic data, together with firmer overnight Chicago soyoil trading, provided initial support to the palm market, but profit-taking later dampened gains, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.
"The government is expected to table its budget (for) 2025 today, in which traders are expecting more goodies for the palm oil sector. Lower production added with better-than-expected exports will also likely continue to provide support," he said.
Cargo surveyors, Intertek Testing Services and AmSpec Agri Malaysia, will release their Oct. 1-20 export data on Sunday and Monday, respectively.
Dalian's most-active soyoil contract DBYcv1 fell 0.46%, while its palm oil contract DCPcv1 shed 0.96%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.45%.
Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
Oil futures steadied on Friday after data showed a fall in crude and fuel inventories in the United States and the emergence of more fiscal stimulus to boost China's economy, though prices were headed for their biggest weekly loss in more than a month. O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit MYR=, palm's currency of trade, strengthened 0.12% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
($1 = 4.3020 ringgit)
Reporting by Ashley Tang; Editing by Rashmi Aich 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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