Malaysian palm oil futures jumped almost 2.0% to near MYR 3,950 per tonne, halting two sessions of losses amid strength in rival Dalian and Chicago soyoil contracts. In addition, signs of increased exports mounted, amid reports about low inventory levels in key buyer China that suggested demand for the commodity would be sustained, at least in the near term. On cargo surveyors’ data, Intertek Testing Services and AmSpec Agri noted that Malaysian palm oil exports for May 1-25 rose between 2.4 and 3.1% from the same period in April. Turning to Indonesia, the world’s biggest CPO producer, March’s shipments of palm oil products were at 2.56 million, notably higher than 2.17 million tons in February. Further, crude oil prices extended their gains, with bets growing that OPEC+ in its meeting on June 2 would extend voluntary output cuts for the rest of the year. A stronger ringgit reduced the bullish traction, alongside vigilance ahead of Chinese PMIs data for May later this week.
