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Palm rangebound as traders eye export estimates

Malaysian palm oil futures were trading sideways on Thursday as market participants awaited palm oil export estimates for June 1-20.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange was up 4ringgit, or 0.1%, at 3,924 ringgit a metric ton by the midday break.

The contract traded between 3,901 ringgit and 3,938 ringgit a metric ton during thesession. It was up 0.36% in overnight trade.

“The market is still range-tradingwhile waiting for leads from exports data and the production figures,” a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract DBYcv1 was up 0.1%, while its palm oil contract DCPcv1 gained 0.34%. Soyoil prices on the Chicago Board of Trade BOc2 fell 0.27%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil FCPOc3 still targets 3,965 ringgit-4,011 ringgit per metric tonne as it has broken resistance at 3,927 ringgit, Reuters technical analyst Wang Tao said. TECH/C
Source: Reuters (Reporting by Bernadette Christina; Editing by Eileen Soreng and Sonia Cheema)

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