Malaysian palm oil price up on expectation of better export data


  • Palm Oil
  • Thursday, 20 Jun 2019

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 1.2% at 2,047 ringgit ($491) per tonne at the close.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 1.2% at 2,047 ringgit ($491) per tonne at the close.

KUALA LUMPUR: Malaysian palm oil futures jumped more than 1% on Wednesday as traders bet upcoming export data would overshoot forecasts.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 1.2% at 2,047 ringgit ($491) per tonne at the close.

Cargo surveyors and an independent inspection company had over Saturday and Monday reported more than 15% falls in exports for the June 1-15 period.

"The export rumour for June 1-20 period shows better numbers than in the earlier period," a futures trader based in Kuala Lumpur said.

Malaysia's Southern Peninsular Palm Oil Millers Association reported a 26.4% drop in production on Monday which also helped boost prices.

In other related oils, the Chicago July soybean oil contract was last up 0.5%.

The September soyoil contract on the Dalian Commodity Exchange fell 1.2% and the Dalian September palm oil contract was also down 0.2%.

Palm oil prices are affected by movements in related edible oils, with which it competes for global market share. - Reuters

Palm Oil , Markets , Plantations