Export figures could push palm oil futures in Malaysia higher

Singapore street scene in Tanjong Pagar neighborhood, including the Carlton City and Oasis Hotel buildings; taken 31 August 2018.Singapore street scene in Tanjong Pagar neighborhood, including the Carlton City and Oasis Hotel buildings; taken 31 August 2018.

Crude palm oil futures are expected higher on Tuesday after initial export figures for September released overnight.

Malaysian palm oil exports for Sept. 1-10 rose 69.5 percent to 506,212 metric tons compared to the same days in August, export inspection company AmSpec Agri Malaysia said Monday. Markets were shut for trading in Malaysia on Monday.

Bursa Malaysia front-month palm oil futures for November eased 0.5 percent to 2,266 ringgit (US$546.88) a metric ton on volumes of 29,852 lots of 25 metric tons each on Friday.

Analysts expect Malaysia palm oil inventories up at the end of August ahead of official data being released on Sept. 12, according to a Reuters poll.

August end-stocks are forecast up to 2.41 million metric tons, a 9 percent increase from the previous month and its biggest monthly gains since November 2017. Production also likely jumped by 9.9 percent from July to 1.65 million metric tons, its highest levels so far this year.