Palm oil gains as strong Nov exports lift sentiment

MG News | November 16, 2021 at 09:17 AM GMT+05:00

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November 16, 2021: Malaysian palm oil futures rose on Tuesday, as the contract rolled over to a new month, boosted by an upturn in export shipments during Nov. 1-15.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 74 ringgit, or 1.55%, to 4,840 ringgit ($1,164.30) during early trade.

FUNDAMENTALS

* Exports of Malaysian palm oil products in the first half of November rose 29.4% to 911,875 tonnes month-on-month, cargo surveyor Societe Generale de Surveillance said on Monday.

* Dalian's most-active soyoil contract gained 0.8% while its palm oil contract rose 2%. Soyoil prices on the Chicago Board of Trade were up 0.7%.

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

* Palm oil may fall into a range of 4,769 ringgit to 4,822 ringgit per tonne, as it faces a resistance at 4,998 ringgit, Reuters technical analyst Wang Tao said.

Reuters

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