Mumbai, 20 May (Commoditiescontrol) Malaysian palm oil futures settled higher on Monday tracking firmness in the global edible oil markets. Prices of soybean and soyoils were firm during Asian trade, despite weakness in the prices crude oil. Weaker Malaysian currency also supported palm oil prices. However, reports of weaker exports during early 20 days of this month compared to the same period last month capped the gains of Malaysian palm oil prices.
At Chicago Board of Trade, July delivery soybean and soyoil futrues contract were trading higher by 31% and 29% respectively during Asian hours.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives (BMD) Exchange settled 26 ringgit higher at 3,918 ringgit ($836.29) a metric ton. Malaysian currency slipped 0.25% against US dollar, making the palm oil cheaper for the overseas buyers.
Exports of Malaysian palm oil products for May 1-20 fell 8.3% to 830,608 metric tons from 905,515 metric tons shipped during April 1-20, cargo surveyor Intertek Testing Services said on Monday
Exports of Malaysian palm oil products for May 1 – 20 fell 9.6% to 814,031 tonnes from 900,290 tonnes shipped during April 1 – 20, according to, independent inspection company AmSpec Agri Malaysia.
As per the Cargo surveyor Societe Generale de Surveillance (SGS) estimates, the exports of Malaysian palm oil products for May 1-20 were at 647,353 metric tons.
Crude oil prices were trading lower in the international market.
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