30.09.2021 (www.nasdaq.com) - By Fathin Ungku
SINGAPORE, Sept 30 (Reuters) - Malaysian palm oil futures hit a record high on Thursday, and marked its third straight session of gains, after exports of the edible oil surged and as it tracked rival oils elsewhere.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 142 ringgit, or 3.2%, to 4,597 ringgit a tonne, the highest since the futures first traded in 1980, Refinitiv data showed.The contract also rose 8% in September, reversing last month's losses, underpinned by production headwinds including a labour crunch caused by local pandemic restrictions imposed earlier.
The surge in prices came after cargo surveyor Intertek Testing Services reported a 40% jump in Malaysian palm oil products exports in September compared to a month earlier.
Thursday's rise was also supported by stronger rival oils elsewhere, especially on the Dalian, two traders told Reuters.
The palm oil DCPv1 contract on the Dalian Commodity Exchange last traded up 3.3%, while its soybean DBYv1 contract jumped 2.5%.
The Dalian contracts rose higher on short-covering ahead of China's Golden Week holidays which starts on Friday, the traders said.
Meanwhile, CBOT soyoil also rose ahead of a widely watched U.S. Department of Agriculture (USDA) report that is expected to show smaller stocks in the United States.
The CBOT soybean oil contract BOc2 last rose 1.1%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
(Reporting by Fathin Ungku; Editing by Ramakrishnan M. And Amy Caren Daniel)