Palm logs five-day winning streak on good demand, strong July exports

Reuters

Palm logs five-day winning streak on good demand, strong July exports

22 lug. 2024, ore 12:28 GMT

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Updates with closing prices

KUALA LUMPUR, July 22 (Reuters) -Malaysian palm oil futures ended higher onMonday, extending gains to a fifth consecutive session on the back of good demand and data showing a surge in July exports.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange climbed 27 ringgit, or 0.68%, to 3,988 ringgit ($852.50) a metric ton, its highest closing since July 5.

Exports of Malaysian palm oil products for July 1-20 jumped between 39.2% and 41.4% from the same period in June, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said on Saturday.

"Higher exports, good demand from India and depleting stocks in Indonesia has kept the market firm," said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.

Meanwhile, Dalian's most-active soyoil contract DBYcv1 gained 0.65%, while its palm oil contract DCPcv1 rose 0.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1%.

Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market.

($1 = 4.6780 ringgit)

Reporting by Mei Mei Chu; Editing by Subhranshu Sahu, Varun H K and Louise Heavens

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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