On June 7, according to media reports, Malaysian crude palm oil futures jumped on Wednesday, recovering the losses of the previous trading day, as it followed the rise in overnight soybean oil futures, but expectations of increased supply limited gains.
At 10:55 Beijing time, the main contract of Malaysian palm oil rose 1.15% to 3,354 ringgit per ton. A report on Tuesday showed Malaysia’s palm oil inventories at the end of May were expected to rise 6.8 percent from the previous month to 1.6 million tonnes, snapping a three-month streak of declines, as production jumped to its highest level since the start of the year, while exports were roughly flat.
A technical analyst said that palm oil futures prices may retest the resistance level of 3,436 ringgit per tonne, and the price will rise to the range of 3,493-3,586 ringgit if it breaks through.
