The benchmark January contract on the Bursa Malaysia Derivatives exchange ended MYR17higher at MYR3,370 a metric ton, after prices fell as much as 2.2% to an intraday low of MYR3,278/ton whereby staging a moderate recovery from last week’s slump with support from improved export demand and bargain-huntins.The palm oil market was trading mostly in the red in early trade due to sharp declines in Chicago soyoil and a stronger dollar, before recovering on the back of positive export data.
Cargo surveyor Intertek Agri Services estimated that outbound palm oil sales during the first 15 days of November rose 27% from the same period last month to 747,431 tons.
Another surveyor, SGS Malaysia Bhd., put Nov. 1-15 exports up 28% at 777,761 tons.Shipments to China rose 80% to 200,030 tons, while sales to the European Union rose 55% to 138,783 tons during the Nov. 1-15 period.
Palm oil shipments to China rose in part because some October shipments were delayed to November due to the week-long holiday break last month in China, traders said.
The dollar-denominated January CPO contract on Globex was $6.75 higher at $1,084.50/ton at 0929 GMT.
Open interest on the BMD was 74,328 lots, versus 74,477 lots Friday. One lot is equivalent to 25 tons. A total of 23,282 lots of CPO were traded versus 29,159 lots Friday.
Chicago Board of Trade soyoil fell as much as 127 points in electronic trading during Asian hours to 51.26 cents a pound. The contract was trading 31 points lower at 52.22 cents a pound by the end of trade on BMD.
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