KUALA LUMPUR: Malaysian palm oil futures rose on Friday and logged a fifth consecutive weekly gain, their longest winning run in three years, as expectations of weaker production supported prices. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 22 ringgit, or 0.47%, to 4,664 ringgit ($1,056.16) a metric ton at the close.
The contract provisionally rose 1.57% this week. The market is trading higher due to expectations of a weaker output in Malaysia, which may lower overall stock levels in the country, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd.
Dalian’s most-active soyoil contract fell 0.08%, while its palm oil contract added 0.95%. Soyoil prices on the Chicago Board of Trade were down 0.48%.
Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
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