Crude palm oil futures on Malaysia’s derivatives exchange rose 1.8% Thursday, recovering from recent losses as investors covered shorts aggressively, taking cues from an increase in soyoil and crude oil futures ahead of a speech by a leading vegetable oils analyst.
Traders said expectations that Malaysia's palm oil exports for August may reach only 1.1 million-1.25 million tons, much lower than July's exports of 1.47 million tons, have been factored into prices.
"The slow pace of export shipments remains a dampener, but after three days of selling, investors are taking leads from external markets," a Kuala Lumpur-based executive at a global trading company said.
Demand in the physical market has been rather active today, and the possibility that vegetable oils analyst Dorab Mistry could give a bullish view of palm oil's supply-and-demand fundamentals later in the evening added to the bullish tone from the petroleum and soyoil markets, he said.
Some trade participants said the downside potential for prices is also limited because "the market is oversold and technical charts indicate prices may rebound to MYR2,600/ton in the next trading session," a Singapore-based trading executive said.
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