Palm oil swung between gains and losses as investors weighed a jump in exports from top growers and higher production in a Malaysian region.
Shipments from the world’s largest grower Indonesia soared 59% from a month earlier in June, according to Intertek Testing Services. A report by cargo surveyor AmSpec Agri showed exports from Malaysia, the No. 2 producer, surged 76% month-on-month in the first 15 days of July.
On the production front, the Southern Peninsular Palm Oil Millers Association reported an increase of 8.7% in production during the July 1-15 period from last month, said Darren Lim, commodities strategist at Phillip Nova in Singapore.
“Crude palm oil prices have maintained support in the 3,880-3,900 ringgit range,” he said. However, the tropical oil will find resistance near 3,960–4,000 ringgit, “where a period of gradual, range-bound ascent is expected for the month.”
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