Malaysian palm oil futures hovered around MYR 3,870 per tonne, trying to keep gains from the previous session amid a rise in Dalian rival oils. Firmer crude oil prices ahead of OPEC’s market outlook and further signs of demand recovery in key buyer China also supported sentiment. However, growing evidence of weak exports reduced gains, as data from cargo surveyors indicated that shipments of Malaysian palm oil products for May 1-10 fell between 14.2 to 14.8% from the same period in April, according to Intertek Testing Services and AmSpec Agri. Last week’s figures from the industry regulator showed exports of palm oil products shrank 6.97 from the prior month to 1.23 million tons at the end of April. Meanwhile, some traders bet on higher output after production rose by 7.9% to 1.5 million tons last month as recent festivities concluded.
