Palm gains 2% on stronger rival oils

MG News | August 19, 2022 at 09:36 AM GMT+05:00

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August 19, 2022: Malaysian palm oil futures rebounded on Friday on stronger other vegetable oils after tumbling to a near two-week low in the previous session but headed for a weekly drop.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 97 ringgit, or 2.4%, to 4,140 ringgit ($925.14) a tonne during early trade.

FUNDAMENTALS

* Dalian's soyoil contract DBYv1 increased 0.58%, while its palm oil contract DCPv1 rose 0.31%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.71%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Oil prices edged higher in early trade on Friday, extending a rally into the third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks, brushing off worries about a global economic slowdown. O/R

* Palm oil FCPOc3 may fall towards 3,857 ringgit per tonne, as it has broken a support at 4,085 ringgit per tonne.

Reuters

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