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.
More Recent Palm Oil News 
- Crude Palm Oil Ends Up As Crude Oil Extends Gains; Short Covering
- Crude Palm Oil (CPO) Ends Up In Volatile Trade; Likely Lower Output Supports
- Crude Palm Oil Ends Up On Soyoil; Trade Thin, Volatile
- Malaysia’s Palm Oil Production To Reach 18 Million Tonnes This Year
- Malaysia Aims for Oil Palm FFB Output Of 35 Tonnes Per Hectare By 2020
- UPDATE: Malaysia Palm Oil Output Likely Lower Next 2 Months -Executive
- Palm Oil Industry To See Continuous Attacks
- Godrej Plans to Triple Palm Oil Output as Indian Demand Surges
- Wilmar shares hit as unit’s listing application lapses
- Palm oil millers need more incentives to become green IPPs
- Packistan’s palm oil imports seen lower in February
- Crude Palm Oil Ends MYR9 Down At MYR2,442/Ton After Volatile Trade
- Crude Palm Oil Ends Up; Likely Higher Exports, Lower Output
- BNP Palm Oil Price Forecast Raised 7.1% on Supply, El Nino Outlook
- Crude Palm Oil Ends Up; Off Lows On Short Covering
PRO Palm Oil Live Market News
- Indonesia PTPN Sells 3,500 Tons Crude Palm Oil (CPO) At Auction Tuesday
- Asian CPO Ends Higher For Sixth Day On Supply-Demand Outlook
- Malaysian Cash Market Prices For Palm Oil – Feb. 9
- Indonesia's Astra Agro Sells 3,500 Tons Of CPO Tuesday
- China Soybean Futures Settle Down; Cautious Ahead Of USDA Report
- China Dalian Commodity Exchange Grain Stocks, Feb 09
- MARKET TALK: BMD Crude Palm Oil (CPO) Futures Up On Likely Higher Exports,Crude
- China Dalian Grain Futures Closing Prices, Volume
- India Commodity Prices Including Palm Oil – Agriculture
- Malaysia Jan Palm Oil Output Likely Down 13%-15%; Stocks Down Too
- MARKET TALK: BMD Crude Palm Oil (CPO) Futures Off Highs On Selloff In Outside Markets
- Malaysian Cash Market Prices For Palm Oil – Feb. 9
- MARKET TALK: India Soybean Futures Likely Up On CBOT Gains
- MARKET TALK: BMD Crude Palm Oil (CPO) Futures Tad Down In Volatile Trade
- China February Soybean Imports Likely Above 4 Mln Tons -Ministry