Lang
Malaysian palm oil futures closed higher on Friday, marking a second straight weekly gain, after data showed exports rose during the 1-15 August period.
The benchmark palm oil contract for October delivery on Bursa Malaysia Derivatives rose 75 ringgit, or 1.7%, to close at 4,478 ringgit ($1,063.66) per metric tonne.
The futures contract posted a weekly gain of 5.24%.
Malaysian palm oil product exports for 1-15 August rose 21.3%, according to AmSpec Agri Malaysia, while data from cargo surveyor Intertek Testing Services showed a 16.5% increase.
Meanwhile, the most-active soybean oil contract on the Dalian exchange fell 0.19%, while its palm oil contract rose 0.11%. Soybean oil prices on the Chicago Board of Trade also gained 0.33%.
Palm oil tracks price movements of competing vegetable oils as it vies for a share of the global vegetable oils market.
Indonesian President Prabowo Subianto said on Friday that his country would launch a broader crackdown on the illegal exploitation of natural resources, after a survey revealed that oil palm plantations covering 3.7 million hectares (14,300 square miles) were operating in violation of the law.
India's palm oil imports fell in July after some contracts were cancelled, while soybean oil shipments jumped to a three-year high, driven by competitive prices and delayed arrivals of June cargoes, according to a leading trade body.
Meanwhile, oil prices fell on Friday as traders awaited talks between US President Donald Trump and Russian leader Vladimir Putin, which some expect could lead to an easing of sanctions imposed on Moscow over the war in Ukraine.
Weaker crude oil futures make palm oil a less attractive option as a feedstock for biodiesel production.
The ringgit, the currency in which palm oil is traded, also fell 0.17% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Source: Reuters