Malaysian palm oil rose on Monday on expectations of positive palm oil export data for September and a weakening ringgit, but volumes remained low as competing edible oil prices slipped and U.S. soybeans hit a four-year low. The market is anticipating Malaysian palm oil exports to climb by around a third to 1.6 million tonnes this month, traders said, after both leading surveyors reported last week that exports had already reached 1.3 million tonnes as of Thursday, sending prices to a six-week high. The rumours that the full-month export figure could hit 1.585 (million tonnes) were the lynchpin, said a trader with a foreign commodities brokerage in Kuala Lumpur, adding that traders were also closely watching the value of the ringgit as well as the difference between palm and soybean prices.
Posted on: Tue, 30 Sep 2014 08:48:22 +0000