KUALA LUMPUR,May 11 (Reuters) – Malaysian palm oil futures gained on Tuesday, lifted by a surge in May exports so far, but growing palm supplies and upbeat outlook for U.S crop plantings capped further gains.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 26 ringgit, or 0.60%, to 4,394 ringgit ($1,068.19) a tonne by 0320 GMT.
* Exports of Malaysian palm oil products for May 1-10 rose 32.3% to 455,285 tonnes from April 1-10, cargo surveyor Societe Generale (PA:) de Surveillance said. European Union palm oil imports in the 2020/21 season were at 4.49 million tonnes versus 4.93 million a year ago, data published by the European Commission showed on Monday. Malaysia’s end-April palm oil inventories rose to a five-month high, beating market estimates as production grew for a second consecutive month, Malaysian Palm Oil Board data showed on Monday. Malaysia on Monday imposed a new nationwide lockdown, as the country grapples with a surge in coronavirus cases. The U.S. Department of Agriculture (USDA) said U.S. farmers had planted 42% of their soybean planting as of Sunday, progressing well ahead of the five-year average. Soyoil prices on the Chicago Board of Trade BOcv1 declined 1%. Dalian’s most-active soyoil contract DBYcv1 fell 2%, while its palm oil contract DCPcv1 down 1.5%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Asian shares declined in early trade, as Wall Street retreated on worries about accelerating inflation, prompting investors to cut back on their exposure to growth-focused stocks on bets of higher interest rates in the not-too-distant future. MKTS/GLOB
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($1 = 4.1135 ringgit)