KUALA LUMPUR: Malaysian palm oil futures reversed early losses on Wednesday, snapping a three-day decline tracking rival soyaoil, but prices were weighed by expectations of higher stockpiles for end-February after a decline in exports.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 37 ringgit, or 1.02%, at 3,679 ringgit ($908.62) a tonne.
CGS-CIMB pegged crude palm oil output at 1.13 million tonnes, little changed from the previous month.
Meanwhile, exports from Malaysia in February fell between 4.6% and 8%, according to data from cargo surveyors.
The high crude palm oil price is likely to continue to ration demand while production is likely to recover post La Niña in the second quarter, Ng said.
Dalian’s most-active soyaoil contract gained 0.2%, while its palm oil contract was down 1.2%.—Reuters
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