Malaysian palm oil futures jumped 3.1 per cent yesterday, with more buyers back into the market a day after a selloff, on concerns stock levels this month could go lower.The benchmark August contract on Bursa Malaysia’s Derivatives Exchange rose RM75 to RM2,505 per tonne. Overall volume surged to 17,373 lots of 25 tonnes each from the usual 10,000 lots.
“The market was oversold yesterday and buyers have returned to the market with the sellers realising that they should let go of their cargoes at this price because I doubt it will rally up that high again,” said a trader with a local commodities broker.
Palm oil prices have surged as much as 60-65 per cent so far this year but have since pulled back to show gains of about 46 per cent.
Palm oil inventories may edge lower to a new 23-month low of 1.26-1.27 million tonnes in May on strong demand and weak output, an industry official said yesterday.
Palm markets appear to be taking less direction from rival global soya oil prices as stock concerns are a bigger focus.
In the Malaysian physical market, palm oil for May and June shipment traded between RM2,550 and RM2,555 in the southern region.
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