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Markets

Palm oil futures track Dalian palm, soyoil higher

  • Palm rose as much as 3.2pc in the previous session after cargo surveyors reported that July exports rose 5.8pc-6.8pc on-month.
04 Aug 2020

KUALA LUMPUR: Malaysian palm oil futures rose for a fourth straight session on Tuesday, tracking gains in Dalian palm and rival soyoil.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 47 ringgit, or 1.72pc, to 2,778 ringgit($659.07) a tonne by the midday break.

Palm rose as much as 3.2pc in the previous session after cargo surveyors reported that July exports rose 5.8pc-6.8pc on-month.

The market is reflecting prices of related oils and waiting for Malaysian Palm Oil Association's forecast for July output for further direction, a Kuala Lumpur-based trader said.

Dalian's most-active soyoil contract rose 0.59pc, while its palm oil contract gained 1.44pc. Soyoil prices on the Chicago Board of Trade were up 0.42pc.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil imports into the European Union and Britain in the 2020/21 season stood at 389,792 tonnes, down 25pc from the previous season, official EU data showed.

Palm oil may test a support at 2,703 ringgit per tonne, following its failure to break a resistance at 2,756 ringgit, Reuters technical analyst Wang Tao said.