Mumbai, 20 March (Commoditiescontrol) Palm oil prices rose at Malaysian exchange on Wednesday, as expectation of better exports and easing production growth in March supported prices.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives(BMD) Exchange rose 66 ringgit or 1.57% to 4,267 ringgit ($900.78)per metric ton by midday break.
"Today crude palm oil futures were up on rumour of better export figures and the production increase for the first 20 days of March is lower than the increase in first 15 days," a trader said.
Exports of Malaysian palm oil products for March 1-20 rose 7.4% compared to the same period last month, cargo surveyor Intertek Testing Services said on Wednesday, accelerating from the 3.3% increase estimated in the first half of March.
Other cargo surveyors are also expected to release March 1-20 exports data estimates.
Dalian's palm oil contract rose 1.45%, while its soyoil contract was up 0.38%. Soyoil prices on the Chicago Board of Trade were up 0.12%.
Palm oil normally takes directions from the price movements in related oils as they compete for a share in the global vegetable oils market.
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