Palm rises to 3-week high, as Dalian rivals gain

Malaysian palm oil futures reached their loftiest point in over three weeks on Monday, riding on firmer prices for Dalian edible oils, Business Recorder reported. By midday, the January-delivery benchmark on Bursa Malaysia Derivatives Exchange was trading at 4,779 ringgit ($1,171.32) per metric ton, a rise of 10 ringgit or 0.21%. The contract had already added nearly 4% over the previous week, marking its second straight weekly gain.

A Kuala Lumpur-based trader said the contract opened firmer alongside Dalian palm olein futures, though he cautioned that high Malaysian stockpiles could restrict further upside. Soyoil on Dalian, the most actively traded contract, gained 0.62%, and the exchange's palm contract went up 1.21%, whereas Chicago soyoil fell 0.13%. Palm usually moves with other vegetable oils because the commodities compete for a share of worldwide demand.

Separately, government data released on Monday showed Malaysia's agricultural exports fell 5.7% in September, mainly due to lower palm oil and palm-based product shipments. In Indonesia's West Kalimantan province, mills processed fewer fresh fruit bunches in September as low river levels disrupted transport. Oil prices slipped after US President Donald Trump set aside sanctions and tariffs on Russia, a step that could lift Russian fuel exports, and weaker crude makes palm less attractive as biodiesel feedstock.