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NewsSignals AI analysis·Reuters·

Palm oil edges up on soyoil strength, on track for third weekly gains

Grade Bbullish AI signal$FCPO
Malaysian palm oil futures edged up 0.13% to 4,798 ringgit per metric ton, tracking stronger soyoil prices and heading for a third consecutive weekly gain. The contract has gained 0.69% this week, while the Malaysian Palm Oil Council expects crude palm oil prices to remain above 4,600 ringgit in November amid stronger export demand, sustained biodiesel consumption and seasonal production declines. Continued strength in competing vegetable oils and biodiesel demand could support palm oil prices, although technical analysis points to a possible retest of support at 4,736 ringgit.

Bullish strength: 70/100

  • Palm oil futures are on track for a third consecutive weekly gain, up 0.69% so far this week.
  • The Malaysian Palm Oil Council expects prices to stay above 4,600 ringgit in November, citing export demand, biodiesel consumption and seasonal production declines.
  • Dalian soyoil rose 1.78% and Chicago soyoil gained 0.55%.

Bearish strength: 30/100

  • Technical analysis suggests palm oil could retest support at 4,736 ringgit as a correction from 4,852 ringgit may be incomplete.
  • Dalian's palm oil contract fell 0.19%.

This is automated NewsSignals analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.

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