SINGAPORE: Malaysian palm oil futures ended higher for a second straight session on Friday, tracking gains in rival oils on the Dalian Commodity Exchange.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives (BMD) Exchange climbed 1.6% to 4,350 ringgit ($1,049.71) a tonne.
The contract, however, fell 2.2% over the week due to cheaper rival oils and August exports falling 17.8% from the previous month.
“BMD crude palm oil futures is seen trading sharply higher following bullish momentum in Dalian Palm olein, Chicago Board of Trade (CBOT) soy oil,” Mumbai-based vegetable oil brokerage Sunvin Group said in a note to clients on Friday.
Palm and soybean oil prices on the Dalian Commodity Exchange snapped three-day losses to jump 3.6% and 2.7%, respectively.
CBOT’s soybean oil contract, meanwhile, edged 0.6% higher.
Palm oil may rise into a range of 4,310 ringgit to 4,358 ringgit per tonne, as it managed to stabilize around a support at 4,155 ringgit, Reuters technicals analyst Wang Tao said earlier on Friday.
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