Palm oil rises on higher Malaysian export estimates; firmer ringgit caps gains
Updates with midday price, adds trader's comments
KUALA LUMPUR, July 17 (Reuters) -Malaysian palm oil futures rose on Wednesday, buoyed by higher export estimates from the world's second-biggest producer, although a firmer ringgit capped gains.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange was up 10 ringgit, or 0.25%, to 3,935 ringgit ($842.25) a metric ton by midday.
The market has recovered after bullish export data and is expected to retest the 4,000 ringgit mark, a Kuala Lumpur-based trader said.
"Buying interest is expected as a shortage of palm is seen in Indonesia, while Indian buyers are aggressively looking for cargo in the coming months as palm is considerably cheaper than rival edible oils," the trader added.
Exports of Malaysian palm oil products for July 1-15 rose between 65.9% and 75.6% from a month earlier, according to cargo surveyors Intertek Testing Services and AmSpec Agri.
Cargo surveyor Societe Generale de Surveillance estimates exports of Malaysian palm oil products for July 1-15 at 786,830 metric tons, from 488,388 tons shipped during June 1-15, according to LSEG data.
Dalian's most-active soyoil contract DBYcv1 rose 0.4%, while its palm oil contract DCPcv1 gained 1.47%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.24%.
Palm oil is affected by price movements in related oils, as they compete for a share of the global vegetable oils market.
The ringgit MYR=, palm's currency of trade, firmed 0.04% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
Malaysia's benchmark crude palm oil futures are expected to average between 3,850 ringgit and 4,000 ringgit per ton this year, a slight increase from 2023, the Malaysian Palm Oil Association said earlier this week.
Palm oil may revisit its July 12 high of 3,991 ringgit per metric ton, as a consolidation from the July 10 low of 3,850 ringgit has extended, Reuters technical analyst Wang Tao said.
($1 = 4.6720 ringgit)
Reporting by Danial Azhar; Editing by Varun H K and Rashmi Aich
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.
Vegetable oils OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
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