Malaysian palm oil prices edged up on Friday, and are on track to post a sixth consecutive weekly rise, although a weaker soyoil capped gains.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.05% at 4,429 ringgit ($1,047.54) a tonne during early trade.
Palm is up more than 3.5% this week supported by stronger soyoil prices and concerns about production.
On Friday, Dalian’s most-active soyoil contract DBYcv1 slipped 0.4%, while its palm oil contract DCPcv1 gained 0.45%. Meanwhile, soybean oil prices BOcv1 on the Chicago Board of Trade dropped 0.23%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide.O/R
DATA/EVENTS (GMT)
0530 France GDP Preliminary QQ Q2
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0645 France CPI (EU Norm) Prelim YY July
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Source: (Reporting by Bernadette Christina Munthe; Editing by Amy Caren Daniel)