Crude  palm oil was steady yesterday supported by gains in soyabean and uncertainty over grains crop harvests due to adverse weather which would slow global vegetable oil supplies.

Players also awaited July export data on the weekend for fresh direction.

The benchmark October contract on Bursa Malaysia’s Derivatives Exchange ended up RM3 or 0.12 per cent to RM2,517 a tonne. Overall volumes rose to 17,260 lots of 25 tonnes each from the usual 10,000 lots.

“The market is still supported by external factors such as firm soyabean markets and weather concern,” said a trader at in a foreign commodities brokerage firm.

Source: Business Times