Malaysian palm oil futures have risen to their highest level in more than two weeks, helped by stronger export demand, firmer rival edible oils and a weaker ringgit.
The market is being supported by clear near-term demand signals. Cargo surveyor Intertek Testing Services estimated that Malaysian palm oil product exports rose 19.1% during 1 to 20 June compared with the same period in May. Shipments increased to 907,067 metric tonnes from 761,517 metric tonnes.
Benchmark September palm oil futures traded around 4,685 ringgit per tonne, close to the June 3 level of about 4,690 ringgit. TradingView also showed prices above 4,650 ringgit as palm oil reached its strongest level in more than two weeks.
Palm oil is also benefiting from stronger prices in competing edible oils. When soyoil and other vegetable oils rise, palm oil can become more competitive and may attract more demand from buyers.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
