Malaysian palm oil price up on expectation of better export data
20 June 2019 (The Star Online) KUALA LUMPUR: Malaysian palm oil futures jumped more than 1% on Wednesday as traders bet upcoming export data would overshoot forecasts.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 1.2% at 2,047 ringgit ($491) per tonne at the close.
Cargo surveyors and an independent inspection company had over Saturday and Monday reported more than 15% falls in exports for the June 1-15 period.
"The export rumour for June 1-20 period shows better numbers than in the earlier period," a futures trader based in Kuala Lumpur said.
Malaysia's Southern Peninsular Palm Oil Millers Association reported a 26.4% drop in production on Monday which also helped boost prices.
In other related oils, the Chicago July soybean oil contract was last up 0.5%.
The September soyoil contract on the Dalian Commodity Exchange fell 1.2% and the Dalian September palm oil contract was also down 0.2%.
Palm oil prices are affected by movements in related edible oils, with which it competes for global market share. - Reuters