Palm oil ends three days of losses

KUALA LUMPUR: Malaysian palm oil futures rose more than 2% on Monday after hitting a six-week low in the previous session, as traders’ assessed a Reuters’ survey showing an uptick in end-March inventories. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed up 120 ringgit, or 2.16%, to 5,686 ringgit ($1,348.99) a tonne, ending a three-session decline.

Malaysia’s palm oil stockpile at end-March is pegged to remain tight, rising only 0.5% from the month before to 1.53 million tonnes, a Reuters survey showed.

Production is forecast to jump 16.4% to a three-month high of 1.32 million tonnes, but it is likely to be counteracted by a 6.3% rise in exports, which is seen at 1.17 million tonnes, according to the survey.