Malaysia palm oil higher on bullish export data

Malaysia palm oil higher on bullish export data

KUALA LUMPUR (Reuters): Malaysian palm oil futures rose on Tuesday to regain some of the ground lost in the previous session, helped by bullish export figures, traders said.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd (SGS) said Malaysian palm oil exports in October were at 1.06 tons compared with 852,982 tons in September.

The benchmark third-month January futures contract ended up 22 ringgit at 852 ringgit ($224.21) a ton after trading as high as 857. It fell 39 ringgit on Monday.

Traders said players were also watching movements of the Indonesian rupiah.

The market is worried that a further weakening of the rupiah would lead to aggressive export sales from Indonesia, the world's second largest palm oil producer after Malaysia.

Physical November (south) crude palm oil was offered at 835 ringgit a ton against bids of 825, and traded at 810 to 825.

Among refined products, November RBD palm oil was offered at $232.50 a ton FOB and December at $237.50.

There were offers for November RBD palm olein at $252.50 and December at $257.50.

November RBD palm stearin was offered at $180 and November palm fatty acid distillate at $135.