Malaysian palm oil futures saw their strongest daily gains in nearly two weeks on Wednesday after hitting a near three-month low in the previous session, aided by positive export numbers. Benchmark palm oil futures for April delivery on the Bursa Malaysia Derivatives Exchange rose 0.6 percent at 3,067 ringgit ($689.68) a tonne at the end of the trading day.
Traded volumes stood at 51,973 lots of 25 tonnes each in the evening.
"Market is holding well but quiet, supported by weak ringgit amid expectations that the Fed is likely to raise the interest rate and good export figures. However, weak Dalian and lower crude oil capped upside," said a from Kuala Lumpur-based futures trader.
Palm oil exports edged up 1.4 percent for February 1-February 15, cargo surveyor Intertek Testing Services said. Another cargo surveyor Societe Generale de Surveillance reported after the close of trade however that Malaysian palm oil shipments fell 3.6 percent in the first half of February from last month. "Market is lacklustre today, there is no clear direction. Export data is up but there is no strong external factor to move the market," another trader said, adding that trading will likely be in the range of 50 ringgit to 70 ringgit on Wednesday.
Palm oil may test resistance at 3,089 ringgit, as it has managed to stay above support at 3,014 ringgit per tonne, Wang Tao, a Reuters market analyst for commodities and energy technicals said. In other related edible oils, the March soyabean oil contract on the Chicago Board of Trade climbed as much as 0.2 percent, while the May soyabean oil contract on the Dalian Commodity Exchange slipped 0.6 percent. The May contract for Dalian palm olein dropped as much as 0.4 percent.
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