JAKARTA: Malaysian palm oil futures edged up at close on Friday following the release of export data. The market was closed for the National Day holiday on Thursday.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.75%, to end at 4,040 ringgit ($869.75) per metric ton. The contract posted a 2.12% rise for the week.
Having resumed trading after the holiday and following favorable production and Amspec export data, the benchmark is well supported above the psychological price of 4,000 ringgit, a Kuala Lumpur-based trader said.
Dalian’s most-active soyoil contract climbed up 1.04%, while its palm oil contract rose 0.63%. Soyoil prices on the Chicago Board of Trade also rose 0.78%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Indonesia has set its crude palm oil reference price for the September 1-15 period at $805.20 per metric ton, which put the CPO export tax and levy at $33 per ton and $85 per ton, respectively for the period.
Exports of Malaysian palm oil products for August fell 3% to 1,201,488 tons from 1,238,438 tons shipped during July, cargo surveyor Intertek Testing Services said.
According to independent inspection company AmSpec Agri, exports fell 0.4% to 1,171,998 tons, from 1,176,912 tons shipped in July.
Palm oil FCPOc3 may break a resistance at 3,963 ringgit per metric ton and rise into the 4,017-4,050 ringgit range, according to Reuters analyst, Wang Tao.
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