Palm up on expectation of better export data

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KUALA LUMPUR (June 19): Malaysian palm oil futures jumped more than 1% on Wednesday, as traders bet upcoming export data would overshoot forecasts.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 1.2% at 2,047 ringgit (US$491) per tonne at the close.

Cargo surveyors and an independent inspection company had over Saturday and Monday reported more than 15% falls in exports for the June 1-15 period.

"The export rumour for June 1-20 period shows better numbers than in the earlier period," a futures trader based in Kuala Lumpur said.

Malaysia's Southern Peninsular Palm Oil Millers Association reported a 26.4% drop in production on Monday, which also helped boost prices.

In other related oils, the Chicago July soybean oil contract was last up 0.5%.

The September soyoil contract on the Dalian Commodity Exchange fell 1.2% and the Dalian September palm oil contract was also down 0.2%.
 
Palm oil prices are affected by movements in related edible oils, with which it competes for global market share.
                
 Palm, soy and crude oil prices at 1041 GMT

Contract Month Last Change Low High Volume
Contract Month Last Change Low High Volume
MY PALM OIL JUL9 2026 +21.00 1998 2035 727
MY PALM OIL AUG9 2041 +24.00 2001 2044 9311
MY PALM OIL SEP9 2047 +25.00 2007 2049 23421
CHINA PALM OLEIN SEP9 4366 -10.00 4344 4374 485162
CHINA SOYOIL SEP9 5436 -66.00 5428 5506 465904
CBOT SOY OIL JUL9 28.46 +0.13 28.16 28.48 5478
INDIA PALM OIL JUN9 516.70 -0.30 513.30 517.3 404
INDIA SOYOIL JUN9 760 -1.20 759.55 761.5 1000
NYMEX CRUDE JUL9 53.94 +0.04 53.71 54.38 13348

  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  India soy oil in Indian rupee per 10 kg
  Crude in U.S. dollars per barrel

 (US$1 = 4.1720 ringgit)
 (US$1 = 69.7150 Indian rupees)
 (US$1 = 6.9003 Chinese yuan)