KUALA LUMPUR: Malaysian palm oil futures rose on Monday, extending gains to a fifth session on the back of cargo surveyor data showing a surge in July exports.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange climbed 8 ringgit, or 0.2%, to 3,696 ringgit ($789.57) a metric ton in early trade.
Fundamentals
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Exports of Malaysian palm oil products for July 1-20 rose 41.4% to 1,002,572 tonnes from 708,873 tonnes shipped during June 1-20, independent inspection company AmSpec Agri Malaysia said on Saturday.
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Exports of Malaysian palm oil products for July 1-20 rose 39.2% to 1,062,238 metric tons from 763,129 metric tons shipped during June 1-20, cargo surveyor Intertek Testing Services said on Saturday.
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Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September.
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Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
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Dalian’s most-active soyoil contract gained 1.1%, while its palm oil contract rose 0.8%. Soyoil prices on the Chicago Board of Trade were also up 1.1%.
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Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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Palm oil is biased to break resistance at 3,962 ringgit per metric ton and rise into 3,977 ringgit to 3,995 ringgit range, Reuters technical analyst Wang Tao said.
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