The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was at 2,170 ringgit (US$526.06) a tonne at the close of trade. A Kuala Lumpur-based futures trader said the market had recovered on expectations of better export demand, gains in U.S. soyoil and technical buying. Malaysian palm oil export data for the April 1-25 period is scheduled for release by cargo surveyors after 0400 GMT on Thursday. In other related oils, the May soyoil contract on the Dalian Commodity Exchange fell 1%, and the Dalian May palm oil contract also declined 1%. Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.

Source: The Edge Markets April 24, 2019 11:48 UTC