Malaysian palm oil futures were set for a second straight weekly drop on Friday, even as prices rose from a one-month low hit in the previous session, supported by recovery in some rival oils and good export data.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange climbed 1.25% to 3,982 ringgit ($889.34) a tonne by the midday break.
“Today we are taking the opportunity to take profits on the back of strong Dalian and Chicago soyoil recoveries after recent sell off. Our own fundamental is supportive being good export and probable low production due to recent flooding,” a Kuala Lumpur-based trader said.
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.