KUALA LUMPUR: Malaysian palm oil futures ticked up on Tuesday, tracking a rise in Dalian palm and a jump in export shipments over the Nov. 1-15 period.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 20 ringgit, or 0.42%, to 4,786 ringgit ($1,149.24) a tonne by the midday break.
Exports of Malaysian palm oil products in the first half of November rose between 10% and 29% month-on-month, according to data from three cargo surveyors on Monday.
The large disparity between the cargo surveyors’ data is unusual and the market would prefer to look at Nov. 1-20 export data, as well as upcoming production data for guidance, said Anilkumar Bagani, research head at Mumbai-based vegetable oils broker Sunvin Group.
India’s palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes, while soyoil imports fell 15% to 2.87 million tonnes, the Solvent Extractors’ Association of India (SEA) said on Tuesday.
Dalian’s most-active soyoil contract fell 0.7%, while its palm oil contract rose 0.2%. Soyoil prices on the Chicago Board of Trade were up 1%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.