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Malaysian Palm Oil Higher On Positive Export

15 Feb 2017 11:28 am
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MUMBAI (Commoditiescontrol) - Malayisan palm oil futures closed higher on Wednesday mid-session, after hitting nearly three-month lows on previous session amid good exports number.

Malaysian palm oil exports rose 1.4 percent during Feb 1-15, cargo surveyor Intertek Testing Services (ITS) said after market close for mid-day break.

The most active April delivery crude palm oil on the Bursa Malaysia Derivatives Exchange gained 0.3 percent at 3,058 ringgit a tonne at the midday break.

The rise in prices were not only due to good exports demand, but still a large number of market participants are expecting production to remain on the lower during February month as well, which has prompted short covering since previous session.

In other related edible oils, the March soybean oil contract on the Chicago Board of Trade climbed as much as 0.21 percent, while the May soybean oil contract on the Dalian Commodity Exchange slipped up to 0.87 percent.

The May contract for Dalian palm olein dropped as much as 1.3 percent.

(By Commoditiescontrol Bureau; +91-22-40015516)


       
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