The edge Markets (30/05/2018) - JAKARTA (May 30): Malaysian palm oil futures closed higher on Wednesday, rebounding from their weakest levels in over three weeks, as they tracked related oil prices in the Chinese market.

The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 0.9% to RM2,440 (US$611.99) per tonne by the end of the session.

Earlier in the day, it hit RM2,395, its lowest since May 8. The benchmark fell nearly 3% in the previous two sessions to Monday. The Malaysian market was closed on Tuesday for a public holiday.    

Trade volume stood at 32,864 lots of 25 tonnes each on Wednesday.

"Market was tracking Dalian closely in the afternoon, even when we are hearing that exports may be underperforming," said a palm trader in Kuala Lumpur.

September soybean oil on China's Dalian Commodity Exchange jumped as much as 3%, while the Dalian September palm oil contract closed 0.6% higher.

Palm oil is affected by movements in rival edible oils as they compete for a share in the global vegetable oils market.

Meanwhile, shipping surveyors are due to release May export data on Thursday.

Palm prices may be "adjusted accordingly" in Thursday's session if the data came in below expectations, the trader said.

Palm, soy and crude oil prices, as of 1105 GMT

Contract                       Month     Last    Change    Low     High   Volume

MY PALM OIL               JUN 8       2431       17        2393     2431      226

MY PALM OIL               JUL 8       2435       22        2392     2438      3769

MY PALM OIL               AUG 8     2437       22        2395     2444      15696

CHINA PALM OLEIN    SEP 8       5088       28       5040     5164      738812

CHINA SOYOIL           SEP 8       5838       58        5782     5962     1256058

CBOT SOY OIL            JUL 8        31          0          31         32         14728

INDIA PALM OIL           MAY 8     654        0          652      655         299

INDIA SOYOIL             JUN 8       768       -4         768       772        12100

NYMEX CRUDE           JUL 8        67         0          66         67         151216

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 = RM3.9870)

(US$1 = 67.4600 Indian rupees)

(US$1 = 6.4185 Chinese yuan renminbi)

Read more at https://www.theedgemarkets.com/article/palm-rebounds-threeweek-low-tracking-related-oils