Palm oil posts over 3% weekly gains

Malaysian palm oil futures rose on Friday, with prices lifted by bargain purchases and robust overseas demand, Business Recorder reported. Trading on the Bursa Malaysia Derivatives Exchange, the main contract for January settlement closed 44 ringgit higher, a gain of 0.93%, at 4,769 ringgit ($1,169.16) per metric ton. For the week, the futures advanced 3.85%.

Cargo surveyors estimated that Malaysian palm oil product exports between October 1 and 15 were 43.2% to 58.3% higher than a month earlier. Imports by India reached a seven-month high in September, as refiners chose palm over sunflower oil. Anilkumar Bagani, research head at Sunvin Group, said futures were trading higher on bargain buying, while stronger early-October Malaysian exports had also helped.

Soyoil on Dalian's most active contract slid 0.86%, while the palm oil contract there dropped 0.96%, and Chicago soyoil edged down 0.54%. The ringgit slipped 0.05% against the dollar, a move that made palm marginally cheaper for overseas buyers. A Malaysian Palm Oil Board circular issued on Wednesday set a lower reference price for November crude palm oil and kept the export duty at 10%.