KUALA LUMPUR: Malaysian palm oil futures rose on Tuesday, as the contract rolled over to a new month, boosted by an upturn in export shipments during Nov. 1-15.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 74 ringgit, or 1.55%, to 4,840 ringgit ($1,164.30) during early trade.
Fundamentals
Exports of Malaysian palm oil products in the first half of November rose 29.4% to 911,875 tonnes month-on-month, cargo surveyor Societe Generale de Surveillance said on Monday.
- Dalian's most-active soyoil contract gained 0.8% while its palm oil contract rose 2%. Soyoil prices on the Chicago Board of Trade were up 0.7%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may fall into a range of 4,769 ringgit to 4,822 ringgit per tonne, as it faces a resistance at 4,998 ringgit, Reuters technical analyst Wang Tao said.
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