Palm rises over 1% on bargain buying but still heads for weekly loss

Malaysian palm oil futures climbed 1.15% to 4,669 ringgit per metric ton by Friday’s midday break, Business Recorder reported. The January contract gained 53 ringgit as prices of competing oils in Dalian and Chicago also advanced, while bargain buying provided further support. Despite the session’s recovery, the contract was down 3.9% for the week, putting it on course for its first weekly decline in four weeks.

A Sunvin Group research head said traders were watching Malaysia’s October export and production figures, alongside expectations of rising inventories. Dalian soyoil increased 0.61%, its palm oil contract rose 0.89%, and Chicago soyoil gained 0.88%. Higher crude prices offered support by improving palm oil’s appeal as a biodiesel input, but a 0.2% strengthening of the ringgit made it costlier for buyers using other currencies.