Palm oil gains on softer Indonesia supply prospects
Updates midday prices and adds analyst quote
SINGAPORE, Aug 21 (Reuters) -Malaysian palm oil futures strengthened on Wednesday, buoyed by prospects of lower supply in the world's largest producer Indonesia, although lacklustre exports limited gains.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 17 ringgit, or 0.46%, to 3,732 ringgit ($853.22) a metric ton by the midday break.
"Indonesia production underperforming expectations is contributing to palm oil prices being uncompetitive versus soft oils, surprisingly at a time of the year when palm origin is typically going into peak production", said Pranav Bajoria, director of Singapore-based brokerage Comglobal Pte Ltd.
However, this may change with palm oil import destinations again replacing palm oil with alternatives, and if Indonesia sales pick up, Bajoria said.
Dalian's most-active soyoil contract DBYcv1 edged up 0.33%, while its palm oil contract DCPcv1 climbed 0.76%. Soyoil prices on the Chicago Board of Trade BOcv1 added 0.28%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Exports of Malaysian palm oil products for Aug. 1-20 were down 18.4% from the previous month, cargo surveyor Intertek Testing Services said on Tuesday.
Data from independent inspection company AmSpec Agri Malaysia on Tuesday showed exports fell 16.7% during the same period.
Malaysia has maintained its export tax for crude palm oil at 8% in September and raised its reference price.
The world's second-largest palm exporter calculated a reference price of 3,915.19 ringgit ($896.75) per metric ton for September.
The Malaysian ringgit MYR=, palm's currency of trade, fell 0.1% against the dollar, after touching its highest since February 2023 on Tuesday.
A weaker ringgit makes palm oil more attractive for foreign currency holders.
Palm oil may retest a resistance zone of 3,745-3,764 ringgit, a break above which could confirm both a target of 3,809 ringgit and an inverted head-and-shoulders, said Reuters technical analyst Wang Tao. TECH/C
($1 = 4.3740 ringgit)
Reporting by Gabrielle Ng; Editing by Savio D'Souza 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.
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Vegetable oils OILS/ASIA1
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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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