Vegolis: Palm oil extends gains on weak ringgit, improvement in demand

Malaysian palm oil futures rose due to a weak ringgit, increased demand from China, and Indonesia’s decision not to make exports mandatory through a new exchange. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed at 3,692 ringgit per metric ton, a 1.48% increase. Indonesian sellers rushed to clear inventories in anticipation of mandatory exports, but with the current scenario, sales are unlikely to be aggressive, supporting prices.