JAKARTA: Malaysian palm futures rose 2.3 per cent yesterday to end a three-day losing streak, pulling back from a two-week low, ahead of export figures expected today, traders said.
The benchmark August contract rose RM60 to RM2,630 per tonne, after losing 8.2 per cent in previous three days. Overall volume was 17,599 lots of 25 tonnes each.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will unveil May 1-20 Malaysian palm oil export data on May 20.
“People were talking about exports of 814,000 tonnes. It is a good number although I would say it is not very bullish,” said a trader at a Kuala Lumpur-based commodities brokerage.
The world’s number 2 palm producer shipped 747,575-754,129 tonnes of palm oil products during the first 20 days of April, cargo surveyors have estimated.
Healthy demand from top vegetable oil buyers China and India at a time of low stocks and weak output could push Malaysian palm oil futures pass a key psychological level of RM3,000 soon, a top industry analyst said on Monday.
US soyoil for July contract was up 0.8 per cent in Asian trade and the most active September soyoil contract on Dalian’s Commodity Exchange rose 2.7 per cent.
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