KUALA LUMPUR: Malaysian palm oil futures hit a near six-month low on Tuesday, tracking rival soyoil on the Chicago Board of Trade which fell nearly 1 per cent overnight,and ahead ofthe release ofofncialoutputand export data next week.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 1.1pc at 2,631 ringgit ($593.91) a tonne at the end of the trading day. It earlier hit 2,627 ringgit, its weakest since Oct. 14. Traded volumes stood at 48,853 lots of 25 tonnes each.

Data from of ficial industry regulator MPOB is forecast to show rising production and exports, and is scheduled for release on April 10.

Output of the tropical oil at the world`s second largest producer could rise in March, in line with the seasonal trend, but production growth is expected to be small, according to traders.

In February, production declined 1.4pc on-month, while exports saw a 14pc drop.

Palm oil shipments for March saw a near 7pc gain from a month earlier, cargo surveyor data showed last week.

Palm oil seems to have found a support at 2,638 ringgit per tonne, and it may continue to hover above this level or bounce towards a range of 2,685-2,715 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

Palm oil is also impacted by the price movements of related edible oils, including soyoil, as they compete for a share in the global vegetable oils market. On Tuesday, CBOT soybean oil was down 0.1pc. China`s Dalian Commodity Exchange is closed for a national holiday.

-Reuters