11.10.2019 (Business Recorder) - Malaysian palm oil futures rose for a fifth consecutive session on Thursday, buoyed by last-minute buying ahead of September data from the Palm Oil Board. Gains in palm and rival soyaoil on China's Dalian Commodity Exchange also supported the market. Palm oil is affected by price movements in related oils that compete in the global vegetable oils market. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 0.2% up at 2,201 ringgit ($526.06) a tonne.

The January palm oil contract on the Dalian exchange was last up 0.6% while the January soyaoil contract was gained 0.2%. “Last-minute buying supported palm prices," a Kuala Lumpur-based trader told Reuters. Malaysia's palm oil stockpiles at the end of September rose 9.3% from the previous month to 2.4 million tonnes, the Malaysian Palm Oil Board said after the market's midday break.

Output in the world's second-largest palm producer gained 1.2% to 1.8 million tonnes, while exports dropped 18.8% to 1.4 million tonnes, the data showed. In related edible oils, US soyaoil futures remained flat on the US Chicago Board of Trade.