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Malaysian palm oil futures climbed more than 2% midday Friday to 4,830 ringgit a tonne, on track for a second weekly gain. Stronger soyoil and crude oil prices and Intertek's estimate of an 11.5% rise in October exports supported the contract.
Stronger soyoil and crude prices support palm as a biodiesel feedstock, keeping vegetable oil prices firm and supporting edible oil costs for feed formulators.
brecorder.comReutersNov 1, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Midday report attributes the rally to stronger soyoil and crude oil and an 11.5% rise in October exports, demand and cross-commodity drivers.
Midday Nov 1 report attributing the gain to stronger soyoil and crude prices and the Intertek export estimate.
Midday Friday gains of over 2% on stronger soyoil and crude and Intertek's 11.5% export estimate show the demand and cross-commodity drivers in the final week.
Midday Nov 1 gains of over 2% on stronger soyoil and crude and an 11.5% rise in October exports show the cross-vegetable-oil and demand drivers behind the rally.
