NEW DELHI, June 30 (Commoditiescontrol) - Malaysian palm oil futures edged higher by nearly 1 percent during the first session of trade on Thursday amid concerns that mill closures in the world’s second largest producer will hurt output and ahead of June export data, but worries over declining shipments and rising production set the contract for its biggest monthly slump since October 2008.
The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 43 or 0.88 percent at Ringgit 4,946 ($1,123.07) per tonne by the midday break, after moving in the range of Ringgit 4,970 and Ringgit 4,810 per tonne.
The contract has fallen 21.5 percent so far this month amid worries over declining shipments and rising production.
Cargo surveyors are expected to release estimates for June exports later in the day. Traders are expecting shipments to remain weak amid top producer Indonesia's push to boost exports.
Industry groups have so far pegged a double-digit growth in production this month, although temporary mill closures in some parts of Malaysia due to declining palm prices may hurt output.
Globally, Dalian's most-active soyoil contract fell 0.8 percent, while its palm oil contract eased 0.6 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were down 0.04 percent in electronic trade today.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
(By Commoditiescontrol Bureau: +91-22-40015505)
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