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Commodities

Malaysian Palm Oil Futures Edge Up Amid Crude Price Firms

Guavy AI Editorial Team
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Oil
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Palm oil futures in Malaysia rose on Friday, marking their second weekly gain. The benchmark October contract increased by 0.28% to 4,737 ringgit a metric ton.

The price hike was partly driven by firmer crude oil prices, which offset softer US soyoil and a stronger ringgit. China's most-active Dalian soyoil and palm oil contracts also rose, despite Chicago soyoil dipping.

The strengthening of the US dollar against the Malaysian currency, however, limited price gains. Major importers like India are currently in restocking mode ahead of the festival season.

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