Malaysian palm oil futures rose on Monday, shadowing higher US soyaoil prices on the Chicago Board of Trade (CBOT), while a softer ringgit also supported. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 0.8% at 2,035 ringgit ($487.19) per tonne at the day's close. Palm oil fell last week on weaker soyaoil prices and worries of slowing export demand.
Cargo surveyor Intertek Testing Services said on Saturday Malaysian palm oil products for June 1-15 dropped 22.5% from a month earlier, while independent inspection company AmSpec Agri Malaysia saw an 18.9% decline in the same period. On Monday, cargo surveyor Societe Generale de Surveillance said exports fell 15.3% for the same period. The Chicago July soyabean oil contract edged up 1.7%, reversing most of the previous session's losses. In other related oils, the September soyaoil contract on the Dalian Commodity Exchange rose 0.5% while the Dalian September palm oil contract was down 0.4%.
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