Malaysian palm oil shadowed the trend in rival US soya oil on Wednesday to clamber back from the previous day's sell-down. Players also bought in on speculation that exports data for June, due from the two cargo surveyors on Thursday, could only be 5 to 7 percent lower than May compared with initial expectations of a 10 percent decline.
Prices have been volatile in the last week, in keeping with the swings in soya oil as fund managers on the Chicago Board of Trade try and hedge on any change in weather patterns in US soy growing areas.
On Tuesday, after another round of weather-driven play, palm oil futures were down 2 percent.
But it rebounded on Wednesday as CBOT Soya oil recovered. Dealers said talk that June production of palm oil could be down by five percent - instead of up three percent as estimated earlier - also helped. At the close, the benchmark third-month crude palm oil futures on Bursa Malaysia Derivatives, September, was up 13 ringgit at 1,422 ringgit ($374.21) a tonne. Its high for the day was 1,423 ringgit, while the low was Tuesday's close of 1,409 ringgit.
PALM OIL FUTURES:
June (south): 1430
Open/High/Low: 1410/1423/1409
Previous close: 1415
PALM OIL PHYSICALS:
September (third month): 1422
Previous settlement: 1409
FUTURES: Benchmark third-month Augup 13 ringgit at 1,422 ringgit ($374.21) a tonne.
PHYSICALS: Offers for June/July up 15 ringgit at 1,430 ringgit a tonne in the south.
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