Palm rises on supply concerns amid India festive demand
Palm oil futures ended higher on Wednesday, as warm weather threatened the supply of palm and rivaledible oils in Asia amid the high-demand festive season in India.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 80ringgit, or 2.04%to 4,010 ringgit ($864.78) per metric ton, up for a second straight session.
The Dalian palm contract DCPcv1, meanwhile, climbed 0.4%.
Hot and dry weather in India has squeezed crop yields amid higher demand during the festive season, offsetting concerns from existing high port inventories, said Mitesh Saiya, trading manager at Mumbai-based firm Kantilal Laxmichand and Co.
Dalian’s most-active soyoil contract DBYcv1 was up 0.1%, while its price on the Chicago Board of Trade BOcv1 rose 0.7%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
By: via Malaysian Palm Oil Council Russia
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