Mumbai, May 13 (Commoditiescontrol): Malaysian palm oil futures strengthened on Monday, after their longest weekly losing streak in more than six years, as the market tracked strength in Dalian rivals.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange increased 65 ringgit, or 1.71%, to 3,874 ringgit ($816.18) a metric ton in morning trade.
Dalian's most-active soy oil contract rose 0.29%, while its palm oil contract gained 1.61%. Soy oil prices on the Chicago Board of Trade increased 0.42%.
Investors are expecting the U.S. Department of Agriculture's monthly crop production and World Agricultural Supply and Demand Estimates reports to show ample supplies in the United States and globally.
Malaysia's industrial production in March rose 2.4% from a year earlier, below expectations, government data showed on Friday.
Exports of Malaysian palm oil products for May 1-10 fell 14.2% to 369,920 metric tons from 431,190 metric tons shipped during April 1-10, cargo surveyor Intertek Testing Services said on Friday.
Independent inspection company AmSpec Agri Malaysia said on Friday that exports fell 14.8%, while Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports at 263,369 metric tons, according to LSEG.
If prices rise and close above 3890 on the 15-minute timeframe, traders may consider initiating long positions, targeting 3930, with a stop loss set at 3870.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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