Malaysian palm oil futures fell below MYR 3,950 per tonne on Friday, halting an upside momentum in the prior four sessions, burdened by weakness in rival soyoil in Dalian and Chicago. Meanwhile, the ringgit held gains in the wake of an upturn in Malaysia’s Q3 GDP growth. Simultaneously, some traders secured their profits as the contract briefly stretched to as high as MYR 4,043 earlier in the week. Still, palm oil is heading for a jump of over 3.5% for the week, the second consecutive increase, supported by signs of sustained demand. Exports of Malaysian palm oil products between Nov. 1-15 rose 6.4% to 645,590 tonnes from 606,980 tonnes shipped during Oct. 1-15, data from independent inspection company AmSpec Agri showed. Meantime, Societe Generale de Surveillance estimated shipments of Malaysian palm oil products for Nov. 1-15 at 602,510 tons. In top producer Indonesia, crude palm oil reference price was set at $750.54 for Nov. 16-30, up from $748.93 in the prior 15-day period.
