Malaysia's palm oil prices rose in the international market, supported by gains in competing edible oils, although lower crude oil prices, ample stocks and profit-taking limited the increase.
The January delivery contract on the Bursa Malaysia Derivatives Exchange gained 0.16 per cent on Friday, closing at $1,091 (4,447 ringgit) per tonne.
Market analysts attributed the gain to rising soybean oil prices on China's Dalian Commodity Exchange and positive trends in soybean oil trading on the Chicago Board of Trade, according to Business Recorder.
However, lower global crude oil prices and sufficient Malaysian palm oil stocks encouraged traders to book profits. Analysts said cheaper crude oil could reduce palm oil's appeal as a biodiesel feedstock.
Meanwhile, the Malaysian ringgit weakened 0.15 per cent against the US dollar, making palm oil purchases more affordable for foreign buyers.
On the Dalian Exchange, the most-active soybean oil contract rose 0.31 per cent, while the palm oil contract gained 0.95 per cent. Elsewhere, crude oil prices edged lower amid geopolitical tensions in the Middle East and Russia and rising production.
-AH