Palm ends three-session slide on strong export data

Malaysian palm oil futures reversed losses suffered through three consecutive sessions on Wednesday, as encouraging export figures helped offset concerns around high inventories and mounting U.S.-China trade tensions. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange rose 13 ringgit, or 0.29%, to 4,474 ringgit ($1,057.93) a metric ton at the close. The outlook for fourth-quarter demand growth remains uncertain, as many buyers prefer to wait for price dips before purchasing, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. “With end stocks still high and the China-U.S. truce potentially at risk of a collapse, the market remains vulnerable to intermittent selling pressure,” Supramaniam added. Malaysia’s palm oil stocks rose to a near two-year high in September, data from the industry regulator showed last week. Cargo surveyors estimated that exports of Malaysian palm oil products for October 1 ...