Palm gains over 1% on bargain buying; posts fourth monthly rise in 5 months

Malaysian palm oil futures advanced 1.43% on Friday, adding 66 ringgit to finish at 4,682 ringgit per metric ton, Business Recorder reported. The January contract’s rise followed bargain-led buying and gains in competing vegetable-oil contracts in Dalian and Chicago. It also recorded a 1.56% increase for October, recovering after a 5.8% decline in September.

Market support this month included stronger crude oil and export demand, although expectations of larger stockpiles remained a concern. Researcher Anilkumar Bagani said attention is shifting to Malaysia’s October production and export figures, due on November 10, alongside inventory expectations. Higher crude prices can improve palm oil’s appeal as biodiesel feedstock, while a firmer ringgit raises costs for buyers using other currencies.