JAKARTA: Malaysian palm oil futures inched higher on Wednesday, tracking Dalian’s palm oil contract, although weak exports data and lack of fresh demand weighed on the market.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 8 ringgit, or 0.21%, to 3,868 ringgit ($807.18) per metric ton at the close.
Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil trader said, low exports and a lack of fresh demand is affecting the futures.
The soyoil contract on the Dalian Commodity Exchange was down 0.22%, while its palm oil contract rose 0.76%. Meanwhile, soyoil prices on the Chicago Board of Trade traded flat.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Exports of Malaysian palm oil products for Feb. 1-20 were seen falling by 3.4% to 18.3% from the previous month, cargo surveyors data showed.
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