(Adds data after closing, quote)
By Dewi Kurniawati
JAKARTA, April 10 (Reuters) - Malaysian palm oil futures
closed a touch higher on Monday, snapping three days of losses
after a report showed a sharp drop in stocks last month, though
weak exports in the April 1-10 period limited gains.
The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange was up 0.95% to 3,830
ringgit ($868.87) per tonne on closing.
"Palm ended the day higher after a bullish Malaysian Palm
Oil Board (MPOB) March report showing a record fall in monthly
stocks against a gloomy April outlook," said Sathia Varqa,
managing editor of palm oil analytics at Fastmarkets.
Malaysia's palm oil stocks stood at 1.67 million tonnes by
the end of March, down 21.08% from the previous month, data from
industry regulator the MPOB showed on Monday.
Meanwhile exports of Malaysian palm oil products for April
1-10 fell 35.6% to 322,985 tonnes from 501,514 tonnes shipped
during March 1-10, cargo surveyor Intertek Testing Services said
on Monday.
Dalian's most active soyoil contract dropped 1.57%,
while its palm oil for May delivery was 1.11% lower. The
Chicago Board of Trade contract rose 0.73%.
Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
Palm oil may test support at 3,740 ringgit per tonne, a
break below which could open the way towards a range of
3,683-3,718 ringgit, said Reuters technical analyst Wang Tao. (Reporting by Dewi Kurniawati; Editing by Janane Venkatraman
and Jan Harvey)
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