Malaysian palm oil futures climbed in Tuesday evening's trade to chart a second straight session of gains on the back of stronger export data. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.4 percent to 2,435 ringgit ($621.97) a tonne at the close of trade.
It rose as much as 0.9 percent earlier in its trading session before paring some gains. Trading volumes stood at 50,459 lots of 25 tonnes each on Tuesday evening. "The market is up on stronger export figures today," said a palm oil futures trader, referring to data released by an inspection company before the midday break.
Exports of Malaysian palm oil products for March 1-20 rose 15.3 percent to 913,091 tonnes from the 791,992 tonnes shipped during February 1-20, AmSpec Agri Malaysia said. Cargo surveyor Societe Generale de Surveillance reported that exports in the same duration rose 13.6 percent as shipments to China, Pakistan and India improved. In other related oils, the Chicago Board of Trade's May soyabean oil contract was down 0.1 percent, while the May soyabean oil on China's Dalian Commodity Exchange fell 0.3 percent. The Dalian May palm oil contract, however, rose 0.7 percent.
Comments
Comments are closed for this article.