KUALA LUMPUR: Malaysian palm oil futures charted their first monthly gain since January at the close of trade on Wednesday, ending around a seven-week high on support from export data released by cargo surveyors.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4 per cent at 2,070 ringgit ($501.82) a tonne at the end of the trading day, its sixth gain in seven sessions. It earlier rose to a seven-week peak of 2,075 ringgit, which was also its intraday high on Monday.

Markets were closed on Tuesday for a public holiday. July Palm oil prices were up 6.1pc on the month after five consecutive months of losses. Palm oil could be peaking in a range of 2,076-2,083 ringgit a tonne, as suggested by a Fibonacci ratio analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

Published in Dawn, August 1st, 2019