MUMBAI, 5 Jul (Commoditiescontrol): Malaysian palm oil futures closed the week with their best performance in five weeks, even though prices dipped on Friday as traders booked profits ahead of a long weekend. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell by 27 ringgit, or 0.66%, to 4,040 ringgit ($858.30) per metric ton at the close.
Despite the Friday decline, the contract gained 3.17% over the week, marking its second consecutive weekly gain. Malaysia's financial markets will be closed on Monday, July 8, for a public holiday, with trading set to resume on Tuesday.
Elsewhere, Dalian's most-active soyoil contract dropped 0.97%, and its palm oil contract fell 1%. The Chicago Board of Trade was closed for a holiday. Palm oil prices are influenced by movements in related oils as they compete in the global vegetable oils market.
According to a Reuters poll of 12 traders, planters, and analysts, Malaysia's palm oil stocks were estimated at 1.83 million tons at the end of June, up 4.53% from the end of May. The Malaysian Palm Oil Board is scheduled to release its June data on Wednesday, July 10.
Oil prices remained relatively stable on Friday, trading near their highest levels since late April and on track for a fourth straight week of gains. This stability is driven by expectations of strong summer fuel demand and supply concerns. Higher crude oil futures make palm oil a more attractive option for biodiesel feedstock
(By Commoditiescontrol Bureau; +91 98201 30172)
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