KUALA LUMPUR (June 11): Malaysian palm oil futures rebounded to jump up to 1% on Tuesday from two sessions of sharp declines on expectations of upbeat official industry data due later this week.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.85% at RM2,011 (US$483.12) per tonne at the midday break, in line for its first gain in three days.
"The market was earlier oversold and the anticipation for supportive industry data supported a rebound (in palm prices)," said a Kuala Lumpur-based futures trader, referring to data from industry regulator and Malaysian Palm Oil Board (MPOB).
The MPOB will publish palm oil inventory, production and export data for May on June 12 after 0430 GMT instead of June 10 as previously scheduled, the MPOB said.
A Reuters survey showed Malaysia's palm oil stocks likely hit a 10-month low by end-May, falling 9.7% from April to 2.46 million tonnes, which would help support benchmark palm oil prices.
Meanwhile, production is seen easing 2% to 1.61 million tonnes from April, while exports likely rose 3.3% on-month to 1.71 million tonnes.
In other related oils, the Chicago July soybean oil contract dipped 0.04%, and the September soyoil contract on the Dalian Commodity Exchange edged up 0.1%.
The Dalian September palm oil contract rose 0.1%.
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 0516 GMT
|MY PALM OIL||JUN9||1990||+19.00||1975||1990||13|
|MY PALM OIL||JUL9||2004||+18.00||1989||2010||1983|
|MY PALM OIL||AUG9||2011||+17.00||1996||2019||8600|
|CHINA PALM OLEIN||SEP9||4394||+2.00||4376||4398||250230|
|CBOT SOY OIL||JUL9||27.37||-0.01||27.32||27.44||2538|
|INDIA PALM OIL||JUN9||499.70||+0.80||499.30||501.5||146|
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel
(US$1 = RM4.1625)
(US$1 = 69.4350 Indian rupees)
(US$1 = 6.9165 Chinese yuan)