Palm Oil Poised for First Weekly Gain in Five as Exports Climb
The contract for July delivery climbed as much as 1.1 percent to 2,334 ringgit ($769) a metric ton on the Bursa Malaysia Derivatives, the highest most-active price since April 12. Futures traded at 2,325 ringgit at 3:18 p.m. in Kuala Lumpur, set for a 1.3 percent rise this week.
Exports from Malaysia increased 2.7 percent to 1.08 million tons in the first 25 days of this month from the same period in March, with shipments to India more than doubling, surveyor Societe Generale de Surveillance said yesterday. Imports of the crude variety have gained 89 percent to 1.95 million tons in the first quarter of this year from the same quarter in 2012, Solvent Extractors’ Association of India data show. India is the world’s biggest palm oil buyer followed by China.
“In the first three months of this year, their edible oil imports continued to run at record levels,” said Alvin Tai, an analyst at RHB Investment Bank Bhd., referring to purchases by India “The momentum has been really strong, helped by the current low prices.”
Soybean oil for July delivery was little changed at 49.50 cents a pound on the Chicago Board of Trade, while soybeans were little changed at $13.725 a bushel.
Refined palm oil for September delivery declined 0.5 percent close at 5,950 yuan ($965) a ton on the Dalian Commodity Exchange. Soybean oil ended little changed at 7,306 yuan a ton.
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