Palm oil rebounds on strong exports
Update with closing prices, exports data
JAKARTA, March 20 (Reuters) -Malaysian palm oil futures rebounded on Wednesday, as better export figures and expectation of easing production growth in March supported prices.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange rose 72 ringgit or 1.71% to 4,273 ringgit ($902) per metric ton by the end of afternoon session.
"Today crude palm oil futures were up on rumour of better export figures and the production increase for the first 20 days of March is lower than the increase in first 15 days," a Kuala Lumpur-based trader said.
Exports of Malaysian palm oil products for March 1-20 are seen rising between 7.4% to 16.3% compared to the same period last month, cargo surveyors Intertek Testing Services and Amspec Agri said on Wednesday, accelerating from the 3.3% to 8.4% monthly exports growth estimated for the first half of March.
Dalian's palm oil contract DCPcv1 rose 2.45%, while its soyoil contract DBYcv1 was up 0.71%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.55%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may fall into a range of 4,158-4,170 ringgit per metric ton, as the uptrend from 3,916 ringgit or 3,811 ringgit has reversed, Reuters' technical analyst Wang Tao said. TECH/C
($1 = 4.7360 ringgit)
Reporting by Bernadette Christina; Editing by Subhranshu Sahu and Mrigank Dhaniwala
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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