Malaysian palm oil futures edged higher on Tuesday after losing more than 3% in the previous session on government data showing an increase in inventories and declining exports in the world’s second-biggest producer.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.40%, to 3,728 ringgit ($797.60) per metric ton in early trade after a six-session slide.
* Dalian’s most-active soyoil contract DBYcv1 was down 0.36%, while its palm oil contract DCPcv1 declined 1.40%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Malaysia’s palm oil stocks at the end of August rose 22.5% from the previous month to 2.12 million tons, the highest in seven months, data from the Malaysian Palm Oil Board showed on Monday.
* Crude palm oil production rose 8.9% to 1.75 million tons, while palm oil exports fell to 1.22 million tons.
* Exports of Malaysian palm oil products for Sept. 1-10 fell 11.2% from a month earlier, according to cargo surveyor Intertek Testing Services.
* Palm oil may test a resistance at 3,795 ringgit per metric ton, a break above which could lead to a gain to 3,859 ringgit, Reuters technical analyst Wang Tao said.TECH/C
* Asian stock markets nudged sideways while the dollar took a breather, its recent gains chastened by resistance from central banks in China and Japan and by traders waiting on U.S. inflation data to signal that interest rates may have peaked.MKTS/GLOB
* Brent crude futures hovered just above $90 a barrel, as investors awaited a slew of macroeconomic data due later this week that could indicate whether Europe and the U.S. continue to hike interest rates.O/R