Palm Oil Prices Snap Three-Week Winning Streak Amid Soybean Competition

Palm oil futures on Bursa Malaysia Derivatives saw a weekly decline for the first time in three weeks, despite a brief recovery on Friday. The November contract rose by 74 ringgit to 4,890 ringgit ($1,206.61) per ton, but still ended the week down 2.55%. This was attributed to competing soybean oil prices and concerns over future production.

The market received support from gains in soybean oil contracts, with Dalian's most-active contract rising 1.67% and Chicago futures advancing 2.13%. However, cheaper crude oil and a stronger Malaysian ringgit remain bearish factors for palm oil prices.