VEGOILS - Palm oil records a second consecutive weekly gain

Malaysian palm oils futures reversed gains and closed lower on Friday, but they still booked their second consecutive weekly gain of 1.09%.

The benchmark palm oil contract for August delivery at Bursa Derivatives Exchange fell 2 ringgit or 0.04% to 4,535 Ringgit ($1,144.34).

Futures trading will be suspended on June 1, and 2?. Trading will resume Wednesday, June 3.

Dalian's palm oil contract grew by 0.37%, while the most active soyoil contract rose by 0.75%. Prices of soyoil on the Chicago Board of Trade rose 0.1%.

As palm oil competes to gain a share of the global vegetable oils market, it tracks the price changes of rival edible oils.

A Friday decree from the Trade Ministry showed that Indonesia had set its crude palmoil reference price at $1,029.51 a metric ton for June, down from $1 049.58 a metric ton in May.

Indonesian officials met with groups of palm 'oil farmers on Friday to discuss concerns over a sharp decline in prices for fresh?fruit bundles. Farmers claim that this was due to uncertainty?about the?new plan?to funnel all palm oil through a statewide agency.

Data from the European Commission showed that the European Union soybean imports for 2025/26, which began in July, had fallen by 8% to 11.95 million metric tons as of May 24. Palm oil imports were down 4%, at 2.55 millions tons.

(source: Reuters)