Palm oil futures rise for fifth day on better export performance

22-Jul-2024 05:34 PM

Kuala Lumpur. Malaysian palm oil futures prices rose for the fifth straight day after a cargo surveyor reported strong exports of palm oil from Malaysia during the current month.

Benchmark crude palm oil (CPO) futures for October delivery on the Kuala Lumpur-based Bursa Malaysia Derivatives (BMD) exchange rose 8 ringgit, or 0.2 per cent, to 3696 ringgit ($789.57) per tonne in early trade today. 

According to a report by a reliable independent cargo inspection company, Malaysia exported 7,08,873 tonnes of palm oil products during June 1-20, which jumped 41.4 per cent to 10,02,572 tonnes during July 1-20.

Similarly, data from another cargo surveyor firm - Intertek Testing Services (ITS) shows that during the period under review, Malaysian palm oil exports rose 39.2 percent from 7,63,129 tons to 10,62,238 tons.

Although there is some difference in the data of both the companies, both have presented figures of a great increase in exports, which is having a positive impact. 

The increase in the prices of crude mineral oil and soybean oil also provided strong support to the palm oil market.

The futures price of soybean oil for the most active position in China's Dalian Commodity Exchange increased by 1.1 percent and the futures price of palm oil increased by 0.8 percent.

On the other hand, the futures price of soybean oil also increased by 1.1 percent in the Chicago Board of Trade (CBOT).