The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at 2,007 ringgit (US$482.34) per tonne on Tuesday evening, charting its first gain in three days. "The market was earlier oversold and the anticipation for supportive industry data supported a rebound (in palm prices)," said a Kuala Lumpur-based futures trader, referring to data from industry regulator and Malaysian Palm Oil Board (MPOB). A Reuters survey showed Malaysia's palm oil stocks likely hit a 10-month low by end-May, falling 9.7% from April to 2.46 million tonnes, which would help support benchmark palm oil prices. The Dalian September palm oil contract rose 0.1%. Palm oil prices are affected by movements in related edible oils, with which it competes for global market share.

Source: The Edge Markets June 11, 2019 11:26 UTC