Palm rangebound; traders await MPOB data and export estimates
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Tuesday, as traders awaited cargo surveyors' export estimates and the Malaysia Palm Oil Board's supply and demand data for further cues.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained RM1, or 0.03 per cent, to RM3,926 (US$927.69) a metric ton in early trade. The contract has so far risen for the third straight session.
Dalian's most-active soyoil contract rose 0.23 per cent, while its palm oil contract added 0.56 per cent. Soyoil prices on the Chicago Board of Trade were up 0.87 per cent.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
The MPOB is expected to release its May supply and demand data later in the day.
Cargo surveyors are expected to release Malaysian palm oil export estimates for May 1-10 later in the day.
Oil prices edged up as market participants waited for the outcome of US-China talks that could pave the way for easing trade tensions and improve fuel demand.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit, palm's currency of trade, weakened 0.07 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Palm oil remains neutral in a widened range of RM3,889 to RM3,961 per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
Stocks were buoyant and the dollar remained on guard on Tuesday as trade talks between the United States and China were set to extend to a second day, with tentative signs tensions between the world's two largest economies could be easing.
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