PALM NEWS MALAYSIAN PALM OIL BOARD Wednesday, 08 Apr 2026

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MARKET DEVELOPMENT
VEGOILS-Palm Oil Edges up on Strong Exports
calendar24-08-2016 | linkReuters | Share This Post:

* Palm reaches lowest level since Aug. 12, before edging up

* Market supported by strong exports; clearer signals eyed-traders

* Palm seen breaking resistance at 2,570 ringgit -technicals

(Updates latest prices)

24/08/2016 (Reuters) - Malaysian palm oil futures edged up on Tuesday, coming off a more than one-week low hit earlier as higher overseas sales underpinned prices.

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange rose 1.4 percent to 2,578 ringgit ($641) per tonne. Prices hit 2,522 ringgit earlier in the session, the lowest since Aug. 12.

Traded volumes stood at 37,833 lots of 25 tonnes each at the close of trade, lower than the 2015 average of 44,600.

"Exports are consistently good," said a trader from Kuala Lumpur, though adding that the market was waiting on concrete news before seeing a clearer direction, as palm's movement has been volatile in the past week.

Palm oil shipments from Malaysia, the world's second largest producer after Indonesia, grew between 25-27 percent between Aug. 1-20 versus the same period in July, aided by stronger demand from India.

Stronger shipments drove up prices of the tropical oil over the past three consecutive weeks, with futures hitting a 10-week high of 2,668 ringgit last Wednesday and recording its biggest daily gain in over 10 months on the same day.

Palm oil is expected to break a resistance at 2,570 ringgits and rise to the next resistance at 2,607 ringgits, said a Reuters market analyst for commodities and energy technicals.

In related vegetable oils, the Chicago Board of Trade soybean oil December contract fell 0.2 percent, while the January soybean oil contract on the Dalian Commodity Exchange declined 0.3 percent.

Palm, soy and crude oil prices at 1042 GMT

Contract Month Last Change Low High Volume

MY PALM OIL SEP6 2836 +13.00 2794 2836 199

MY PALM OIL OCT6 2666 +29.00 2616 2666 2076

MY PALM OIL NOV6 2577 +35.00 2522 2581 20558

CHINA PALM OLEIN JAN7 5508 -26.00 5460 5526 829816

CHINA SOYOIL JAN7 6372 -20.00 6320 6390 370886

CBOT SOY OIL DEC6 34.21 -0.10 33.97 34.39 7667

INDIA PALM OIL AUG6 566.80 -0.10 560.00 570.8 1112

INDIA SOYOIL SEP6 656.5 -3.80 655.1 660.5 34950

NYMEX CRUDE OCT6 46.91 -0.50 46.62 47.46 114526

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

($1 = 4.0250 ringgit)
($1 = 67.0800 Indian rupees)
($1 = 6.6424 Chinese yuan)