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Malaysian palm oil futures ended higher on Monday, extending gains to a fifth consecutive session on the back of good demand and data showing a surge in July exports.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange climbed 27 ringgit, or 0.68%, to 3,988 ringgit ($852.50) a metric ton, its highest closing since July 5. Exports of Malaysian palm oil products for July 1-20 jumped between 39.2% and 41.4% from the same period in June, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said on Saturday. “Higher exports, good demand from India and depleting stocks in Indonesia has kept the market firm,” said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.
Meanwhile, Dalian’s most-active soyoil contract gained 0.65%, while its palm oil contract rose 0.4%. Soyoil prices on the Chicago Board of Trade were up 1%. Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market.
Source: Business Recorder
