August 20, 2019 / 6:07 AM / a month ago

Palm snaps losing streak on stronger exports, soyoil

KUALA LUMPUR (Reuters) - Malaysian palm oil futures rose nearly 2% in the second half of Tuesday’s trading session, supported by gains in soyoil on the U.S. Chicago Board of Trade and stronger export data from cargo surveyors.

A worker unloads palm oil fruit bunches from a lorry inside a palm oil mill in Bahau, Negeri Sembilan, Malaysia January 30, 2019. REUTERS/Lai Seng Sin/Files

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 1% at 2,177 ringgit ($520.69) per tonne at the close of trade. It earlier rose as much as 1.7% to an intraday high of 2,192 ringgit.

Palm oil had previously seen three consecutive sessions of losses, though it was up 0.6% last week.

“The market was aided mainly by U.S. soyoil and good exports,” said a Kuala Lumpur-based trader, referring to Malaysian palm oil shipment data from cargo surveyors on Tuesday.

Malaysian palm oil exports rose 8.7% between August 1-20 versus the corresponding period last month, reported Intertek Testing Services.

Meanwhile, another surveyor AmSpec Agri Malaysia said shipments rose 13% in the same period.

In other related oils, U.S. soyoil futures on the Chicago Board of Trade were last up 0.7%, in line with gains in soybean prices.

U.S. grains saw some gains on Tuesday, recouping some of the previous session’s heavy losses, as a U.S. crop tour forecast below-average yields after a wet spring delayed plantings.

Meanwhile, the September soyoil contract on the Dalian exchange was last up 0.2% on Tuesday, while the Dalian September palm oil contract rose 0.8%.

Palm oil prices are affected by movements in related oils that compete in the global vegetable oils market.

($1 = 4.1810 ringgit)

($1 = 71.7043 Indian rupees)

($1 = 7.0603 Chinese yuan)

Reporting by Emily Chow; editing by Uttaresh.V/Sriraj Kalluvila/Jane Merriman

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