Exports of total palm oil products from Indonesia stood at 2.95 million tonnes in May, up from 2.43 million tonnes in 2020. Compared to April, it rose 12%.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up at 4,015 ringgit ($971.68) a tonne when the market closed.
The contract gained 0.6% this week after plunging 11.43% in the previous week, its biggest weekly drop in one year.
This bounce is expected to extend towards the peak of a wave 4 around 3,348 ringgit. On the daily chart, the contract stabilized around a support at 3,148 ringgit, the 61.8% retracement on the uptrend from 2,691 ringgit to 3,888 ringgit.
On the daily chart, a spinning top formed around a support at 3,274 ringgit on Monday. Even though it proved to be a failed reversal signal, it does suggest the fall is ending.