Palm oil closes at 10-day high on lower stocks, bargain buying
Updates closing prices and adds details
SINGAPORE, Aug 15 (Reuters) -Malaysian palm oil futures closed at their highest level in ten dayson Thursday, as falling inventories and bargain hunting outweighed softer exports data.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 31 ringgit, or 0.83%, to 3,754 ringgit ($847.40) a metric ton, ending at its highest since Aug. 5.
Exports of Malaysian palm oil products for Aug. 1-15 fell 22.3% from a month earlier, independent inspection company AmSpec Agri Malaysiasaid on Thursday.
Data from cargo surveyorIntertek Testing Services showed exports declined 20.2% during the same period.
Malaysia's palm oil stocks in July shrank 5.35% from the previous month to hit a four-month low, the Malaysian Palm Oil Board said earlier this week.
The reduction in end-month stocks was notably larger than expected, Phillip Nova commodity strategist Darren Lim said ina note.
Palm oil and soyoil imports in the world's top importer India jumped tonear one-year highs in July, as refiners increased purchases for upcoming festivals amid a correction in prices, the Solvent Extractors' Association of India (SEA) said on Wednesday.
Palm oil with stagnant production should find good support around 3,600 ringgit ($812.64) despite a narrow spread with soy oil, said Sandeep Singh, director of The Farm Trade, a Kuala Lumpur-based consulting and trading firm.
Chicago soyoil is heavily oversold and the risk of a market reversal is "quite imminent", although global macro weaknesses, higher U.S. production and lower Chinese demand will keep a cap on a sharp reversal, he said.
Soyoil prices on the Chicago Board of Trade BOcv1 edged 0.31% higher butremained near their lowest since April 2021. Dalian's most active soyoil contract DBYcv1 climbed 1.07% after a three-session decline, while its palm oil contract DCPcv1 advanced 1.32%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
The Malaysian ringgit MYR=, palm's currency of trade, depreciated 0.2%against the dollar, making the commodity moreattractive for foreign currency holders.
($1 = 4.4300 ringgit)
Reporting by Gabrielle Ng; Editing by Rashmi Aich, Janane Venkatraman and Eileen Soreng
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
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Vegetable oils OILS/ASIA1
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Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
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