JAKARTA/KUALA LUMPUR: Malaysian palm oil futures closed higher on Thursday following news of a jump in India’s imports, while market participants awaited fresh trading cues.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 26 ringgit or 0.68%, to end the session at 3,844 ringgit ($808.92).
Palm oil imports in India, the world’s biggest importer of vegetable oils, jumped 41% in April from the previous month to the highest level in three months as easing prices prompted refiners to increase purchases, five dealers told Reuters.
“Bursa Malaysia crude palm oil contract is awaiting new leads in May, anticipating higher production and lower exports,” a Kuala Lumpur-based trader said.
Malaysian palm oil exports fell between 9% and 11.5% in April from a month earlier, cargo surveyors Intertek Testing Services and Amspec Agri said.
Palm oil extends gains for 2nd session but higher output estimates cap rise
Meanwhile, Indonesia, the world’s biggest palm oil exporter, maintained its palm oil export tax and levy unchanged for May at $52 per ton and $90 per ton, respectively.
Soyoil prices on the Chicago Board of Trade were up 0.62%. The Dalian Commodity Exchange is closed until May 5 for International Labour day holidays.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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