KUALA LUMPUR (Feb 21): Malaysian palm oil futures recovered from a one-month low on Thursday, tracking strength in U.S. soyoil and snapping two sessions of declines.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed 0.9% higher at 2,264 ringgit (US$555.45) a tonne at the end of the trading day.
Trading volumes stood at 31,648 lots of 25 tonnes each.
"Palm gained as overseas markets recovered, and also on technical buying," said a Kuala Lumpur-based trader.
Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.
Earlier, the market fell to an intraday low of 2,234 ringgit, its lowest levels since Jan 18, on a weaker demand outlook.
Malaysia's palm oil exports from Feb 1-20 slightly rose 0.03%-0.8% from a month earlier, AmSpec Agri Malaysia and Intertek Testing Services reported on Wednesday.
Another cargo surveyor, Societe Generale de Surveillance, however reported that exports fell 4.6% in the same period.
In other related oils, the Chicago March soybean oil contract rose 0.3%, while the May soyoil contract on the Dalian Commodity Exchange declined 0.6%.
Meanwhile, the Dalian May palm oil contract declined 1.3%.
Palm, soy and crude oil prices at 1111 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR9 2145 +11.00 2119 2147 210
MY PALM OIL APR9 2233 +21.00 2202 2235 5016
MY PALM OIL MAY9 2263 +19.00 2234 2266 14860
CHINA PALM OLEIN MAY9 4708 -60.00 4688 4732 366372
CHINA SOYOIL MAY9 5692 -36.00 5662 5714 332160
CBOT SOY OIL MAR9 30.06 +0.10 29.9 30.13 8090
INDIA PALM OIL FEB9 565.80 -4.00 565.20 570.6 688
INDIA SOYOIL MAR9 766.2 -2.80 765.6 770.45 5320
NYMEX CRUDE APR9 57.43 +0.27 56.96 57.49 108369
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 = 4.0760 ringgit)
(US$1 = 71.1810 Indian rupees)
(US$1 = 6.7166 Chinese yuan)