Palm oil posts first weekly gain in three weeks
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Malaysian palm oil futures rose on April 24, marking their first weekly gain in three weeks, supported by higher crude oil prices and a weaker ringgit. The benchmark contract for July delivery increased by 16 ringgit to $1,159.77 per metric ton, gaining 3.28% for the week. Concerns over military tensions in the Middle East have driven oil prices up, making palm oil a more attractive fuel alternative. The Malaysian Palm Oil Council anticipates prices will remain above 4,500 ringgit per ton due to strong biodiesel economics and potential El Niño impacts.
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