Crude palm oil futures in Malaysia seen up on technical rebound

Malaysia ringgit notesMalaysia ringgit notes

Crude palm oil prices are seen higher on Thursday in a potential technical rebound.

Crude palm oil futures fell 1.3 percent to 2,237 ringgit (US$540.08) a metric ton for the sharpest drop in a month and the fourth straight trading day loss. Volumes reached 36,251 lots of 25 metric tons each.

Data from the Malaysian Palm Oil Board on Wednesday showed palm oil stockpiles in August rose 12.4 percent on-month to 2.49 million metric tons. Output rose 7.9 percent to 1.62 million metric tons.

A Reuters poll said analysts saw August end-stocks up to 2.41 million metric tons.

Get the Shenton Wire morning briefing in your inbox