Palm oil edges up from near three-month low on positive export data

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KUALA LUMPUR (Feb 15): Malaysian palm oil futures edged up on Wednesday, after hitting a near three-month low in the previous session, aided by positive export numbers.

Benchmark palm oil futures for April delivery on the Bursa Malaysia Derivatives Exchange were up 0.3% at RM3,058 (US$687.65) a tonne at the midday break.

Traded volumes stood at 16,262 lots of 25 tonnes each at noon.

"Market is holding well but quiet, supported by weak ringgit amid expectations that the Fed is likely to raise the interest rate and good export figures. However, weak Dalian and lower crude oil capped upside," said a futures trader from Kuala Lumpur.

Palm oil exports edged up 1.4% for Feb 1 to Feb 15, cargo surveyor Intertek Testing Services said.

"Market is lacklustre today, there is no clear direction. Exports data is up but there is no strong external factor to move the market," another trader said, adding that trading will likely be in the range of RM50 to RM70 on Wednesday.

Palm oil may test a resistance at RM3,089, as it has managed to stay above a support at RM3,014 per tonne, Wang Tao, a Reuters market analyst for commodities and energy technicals said.

In other related edible oils, the March soybean oil contract on the Chicago Board of Trade climbed as much as 0.21%, while the May soybean oil contract on the Dalian Commodity Exchange slipped up to 0.87%.

The May contract for Dalian palm olein dropped as much as 1.3%.

Palm, soy and crude oil prices at 0530 GMT

Contract                     Month      Last    Change         Low       High       Volume
MY PALM OIL FEB7          3306    +24.00        3306       3306           79
MY PALM OIL MAR7          3174    +14.00        3166       3179          935
MY PALM OIL  APR7          3058     +9.00        3051       3064         6720
CHINA PALM OLEIN  MAY7          6100    -38.00        6060       6136       449288
CHINA SOYOIL MAY7          6832    -40.00        6812       6882       298092
CBOT SOY OIL MAR7         34.17     +3.30       34.11      34.21         2005
INDIA PALM OIL   FEB7        568.50     +3.30      567.00      568.9          117
INDIA SOYOIL FEB7        689.05     +0.55      688.35      690.7          720
NYMEX CRUDE  MAR7         52.85     -0.35       52.78      53.10        17176

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 = RM4.4470)
(US$1 = 66.9000 Indian rupees)
(US$1 = 6.8630 Chinese yuan)