Palm eases; concerns over global edible oil supply cap losses
MG News | March 08, 2022 at 09:28 AM GMT+05:00
March 08, 2022: Malaysian palm oil futures eases on Tuesday, after jumping more than 5% in the previous session, but worry on impact of Russia-Ukraine war on global vegetable oil supply capped losses.
The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange fell 1% to 6,560 ringgit ($1,569.75) per tonne in the early trade.
The contract fell 1.81% in overnight trade.
FUNDAMENTALS
* Palm oil production in the world's top producers Indonesia and Malaysia is likely to rise about 3% each this year, but it would not be enough to meet global edible oil demand, leading analyst James Fry said on Monday.
* Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports, while it looked less likely that Iranian crude would return switftly to global markets.
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* The Russia-Ukraine war has halted Ukrainian sunflower oil shipments to the EU that usually represent around 200,000 tonnes per month, vegetable oil industry group FEDIOL said on Friday, adding that the EU was facing a shortfall.
* Dalian's most-active soyoil contract DBYv1 fell 2.12%, while its palm oil contract DCPcv1 dropped 1.78%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.57%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil looks neutral in a range of 6,414-6,679 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
MARKET NEWS
* Oil and other commodities prices soared, while global shares tanked on Monday as the United States said it was willing to ban Russian oil imports, stoking investor fears over inflation and slowing economic growth.
Reuters
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