26/06/2023 (Nasdaq), Jakarta - Malaysian palm oil futures closed higher on Monday after sliding during the midday break on higher rival oils.

The contract declined 3.29% last week.

The second half of the trading session mirrored the upward movement in soybean oil prices, said a Kuala Lumpur-based trader.

The ringgit, palm's currency of trade, weakened 0.2% in early trade. A weaker ringgit made the contract more attractive to foreign currency holders.

Dalian's most-active soyoil contract DBYcv1 rose 0.53%, while its palm oil contract DCPcv1 rose 0.76%. Soyoil prices on the Chicago Board of Trade BOc2 were also up 1.4%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Exports of Malaysian palm oil products for June 1 - June 25 fell 4.5% to 891,361 metric tons from 933,615 metric tons shipped during May 1 - May 25, cargo surveyor Intertek Testing Services said.

($1 = 4.6700 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-ends-higher-on-rival-oils-movement