Palm oil futures managed to recover earlier losses, closing higher on Monday, even as weaker soyoil prices and lower export estimates for the first half of February tempered gains. Investors navigated concerns over potential policy shifts in India and fluctuating global edible oil markets.
The benchmark May delivery contract on the Bursa Malaysia Derivatives Exchange climbed 40 ringgit, or 0.89%, to settle at 4,539 ringgit ($1,024.14) per metric ton. This followed a 0.83% rise on Friday. Despite early trading pressures from weaker soyoil markets and subdued Malaysian palm oil exports, crude palm oil futures reversed course by the session’s close. According to Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group, uncertainty remains as speculation grows over India potentially raising import duties on vegetable oils, adding volatility to origin markets.
Elsewhere, Dalian’s most active soyoil contract slipped 0.93%, while its palm oil contract edged up 0.58%. The Chicago Board of Trade (CBOT) remained closed for a public holiday. Palm oil prices often track movements in rival edible oils, given their competition in the global vegetable oils market.
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.
