Malaysian crude palm oil futures barely moved on Tuesday as mixed fortunes in rival soyaoil and export estimates due a day later sidelined players. Dealers said two cargo surveyors watched by the market were expected to declare a palm oil shipment of 720,000 to 760,000 tonnes for April 1 to 20. The surveyors Interlake Testing Services and Society General de Surveillance had estimated 728,116 tonnes and 748,057 tonnes, respectively, for March 1 to 20.
Exports were officially up 27 percent in March.
But estimates for the first 10 days of April showed a drop of 11 percent. Official export figures for April are due on May 10.
"It looks like demand is recovering, though the pick-up isn't much," said a trader. At the close, Bursar Malaysia Derivatives' new benchmark third-month palm oil contract, July, was up 3 ringgit at 1,429 ringgit ($376.05) a tonne.
The low for the day was 1,422 ringgit and high 1,431. Dealers said they expected the market to be locked in the 1,415-1,440 ringgit range through the week.
Other traded months closed up 2 to 3 ringgit.
Volume was a mere 2,826 lots of 25 tonnes each less than half of the trade seen on a busy day. Dealers attributed the sluggish market to a lack of leads and the mixed performance of soyaoil futures on the Chicago Board of Trade (CBOT).
May soyaoil on the CBOT ended down 0.37 cent at 22.27 cents per lb. on Monday.
But it rebounded 0.07 cent on Tuesday's electronic trade. Soyaoil and palm oil compete for similar export destinations and their prices often move in step.
In trade of physical crude palm oil on Tuesday, April and May saw bids at 1,430 ringgit a tonne, against offers at 1,435 ringgit in Malaysia's southern and central regions.
Trades were done at 1,425-1,430 ringgit in both regions.
PALM OIL FUTURES:
April (south): 1435.
Open/High/Low: 1423/1431/1422.
Previous closes: 1435.
PALM OIL PHYSICALS:
July (3rd month): 1429.
Previous settlement: 1426.
FUTURES:
Benchmark third-month July up 3 ringgit at 1,429 ringgit ($376.05) a tonne.
PHYSICALS:
Offers for April at 1,435 ringgit a tonne, unchanged from Monday.