Palm oil extends gains for second session despite lower export estimates
JAKARTA, June 20 (Reuters) – Malaysian palm oil futures rose for the second consecutive session despite lower export estimates for June 1-20. The benchmark palm oil contract FCPOc3 for September delivery closed 37 ringgit higher at 3,957 ringgit ($840.48) per metric ton. Exports were estimated to have fallen between 8.1% to 12.9%. Dalian’s soyoil contract edged up 0.05%, while the palm oil contract gained 0.42%.
JAKARTA, June 20 (Reuters) -Malaysian palm oil futures extended gains for a second consecutive session on Thursday despitelowerestimates of palm oil exports for June 1-20.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange closed 37ringgit, or 0.94% higher at 3,957 ringgit ($840.48)a metric ton.
The contract traded between3,901 ringgit and 3,966 ringgit a metric ton during thesession. It was up 0.36% in overnight trade.
The market was range-trading earlier in the session while waiting for leads from exports data and production figures, a Kuala Lumpur-based trader said.
Exports of Malaysian palm oil products for June 1-20 were estimated to have fallen between8.1% to12.9% from the same period a month ago, according to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia.
Another cargo surveyor, Societe Generale de Surveillance, estimates exports of Malaysian palm oil products for June 1-20 at 737,717 metric tons, from 647,353 metric tons shipped during May 1-20, according to LSEG.
Dalian’s most-active soyoil contract DBYcv1 edged up 0.05%,while its palm oil contract DCPcv1 gained 0.42%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.86%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils mark
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