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Palm oil futures rise on better demand, likely lower June production
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 66 ringgit, or 1.66 per cent, to 4,034 ringgit a metric ton by the midday break.
"Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lower production in June and the soyoil rally, all helped palm prices to remain competitive," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.
Dalian's most-active soyoil contract rose 0.35 per cent, while its palm oil contract gained 0.79 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) was 0.71 per cent higher.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Exports of Malaysian palm oil products for June rose 4.3 per cent month-on-month, according to independent inspection company AmSpec Agri Malaysia, while according to Intertek Testing Services, they grew 4.7 per cent.
Indonesia's crude and refined palm oil exports soared 53 per cent in May from a year ago, data from the statistics bureau showed, as the tropical oil started trading at a discount to its rivals, boosting demand from key buyers.
Indonesia raised its crude palm oil reference price to $877.89 per metric ton for July, up from $856.38 per metric ton in June, a trade ministry regulation showed on Monday.
The ringgit, palm's currency of trade, weakened 0.41 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
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