KUALA LUMPUR: Malaysian palm oil futures jumped on Friday as early November exports surged, but the contract remains headed for a weekly loss after declines in the previous three sessions.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 106 ringgit, or 2.54%, to 4,284 ringgit ($923.87) a tonne in early trade. For the week, palm is set to fall by 1.9%.
Exports from Malaysia during Nov. 1-15 jumped between 12.7% and 33% from the same week in October, as shipments to India and China accelerated, cargo surveyors said on Thursday. Malaysia’s palm oil stocks at end-October expanded for a fifth month to a three-year high of 2.4 million tonnes, Malaysian Palm Oil Board (MPOB) data showed on Friday.
October output rose 2.44% from the previous month to 1.81 million tonnes, while exports gained 5.66% to 1.5 million tonnes, according to MPOB.
Dalian’s most active soyoil contract fell 1%, while its palm oil contract gained 2%. Soyoil prices on the Chicago Board of Trade were up 0.3%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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