KUALA LUMPUR: Malaysian Palm oil futures edged up a fraction on Tuesday as the market rebounded from earlier profit taking, driven by a drop in production figures.
The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 0.04 per cent to 2,610 ringgit ($604.17) a tonne. Traded volumes stood at 45,378 lots of 25 tonnes each.
Palm fell earlier as traders took profits on Monday’s rally. Traders said the market was adrift after reacting to encouraging export figures.
Exports data released on Monday boosted sentiment. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance reported a rise of 8.9pc and 7.1pc, respectively, in the exports of Malaysian palm oil products for the May 1-15 period from April 1-15.
The trader said a fall in production data brought the market back into the black. Southern Peninsula Palm Oil Millers’ Association released data on Tuesday for May 1-15 showing a fall of 2.19pc in production.
Published in Dawn, May 17th, 2017
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