Malaysian palm oil price rebounds from three-week low on stronger export data

Harvesting oil palm fruit bunches is a skilled job that cannot be automated and relies heavily on manual labour. Photo: Malaysian Palm Oil Council

KUALA LUMPUR: Malaysian palm oil futures moved off three-week lows on Thursday to trade about 1 percent higher for their first gain in three sessions after cargo surveyor data showed stronger export demand in May.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 1 percent at 2,607 ringgit ($609.54) a tonne by the close, having touched its lowest since May5 at 2,566 ringgit.