KUALA LUMPUR, June 29: Malaysian palm oil shadowed the trend in rival US soyaoil on Wednesday to clamber back from the previous day’s selldown. 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 per cent lower than May compared with initial expectations of a 10 per cent decline.
Prices have been volatile in the last week, in keeping with the swings in soyaoil as fund managers on the Chicago Board of Trade try and hedge on any change in weather patterns in US soya growing areas.
On Tuesday, after another round of weather-driven play, palm oil futures were down 2 per cent.
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 ton.
Its high for the day was 1,423 ringgit, while the low was Tuesday’s close of 1,409 ringgit.
Other traded months ended up 11 to 14 ringgit.—Reuters
