JAKARTA: Malaysian palm futures bounced back, up 1.3 per cent on yesterday after trading lower in the previous three consecutive trading days, mainly supported by a rise in prices of soybean oil and crude oil, traders said.
But traders said they doubted the rebound would last, after June palm oil exports from the world’s second-biggest producer came in below market expectations.
“Fundamentally, I think the market is still bearish. Yesterday, it just followed crude oil,” said a trader at a Kuala Lumpur-based brokerage, adding that he is looking at a near-term resistance level of RM2,300.
Oil rose above US$71 a barrel yesterday following a large drop in crude inventories in the United States, the world’s top energy consumer, and output disruption from militant attacks in Nigeria.
The benchmark September palm oil contract on the Bursa Malaysia Derivatives Exchange rose RM29, or 1.3 per cent, to RM2,259
a tonne. Overall traded volume was 12,514 lots at 25 tonnes each.
The Chicago Board of Trade July soybean contract rose 1.8 per cent, US soyoil futures were up 2.4 per cent in Asian hours, while the most-active September soyoil contract on the Dalian Commodity Exchange, which gives some direction to Malaysian palm futures, was also up 1.1 per cent.
Cargo surveyors have estimated exports of Malaysian palm oil products for June to be flat or slightly firmer at 1,227,663-1,230,741 tonnes, compared to exports in May and below the market expectation of over 1.25 million tonnes.
In the Malaysian physical market, palm oil for July delivery was traded at RM2,260-2,270 in the southern region and at RM2,250-2,265 in the central region.
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