Palm oil rises for fourth day to near three-week peak

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MG News | April 13, 2022 at 09:21 AM GMT+05:00

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April 13, 2022: Malaysian palm oil futures rose for a fourth consecutive session on Wednesday, lingering near a three-week high, tracking strength in Dalian oils and crude futures.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 64 ringgit, or 1.04%, to 6,243 ringgit ($1,476.76) a tonne during early trade, its highest since March 24.

FUNDAMENTALS

Exports of Malaysian palm oil products for April 1-10 fell 20.7% from the same period in March, cargo surveyor Societe Generale de Surveillance said on Tuesday. Read full story

Oil prices climbed on worries that sliding output in sanctions-hit Russia, the world's second-biggest oil exporter, will tighten supply after Moscow said peace talks to resolve its invasion of Ukraine had come to a dead end. 

Stronger crude makes palm a more attractive option for biodiesel feedstock.

Dalian's most-active soyoil contract DBYcv1 rose 1%, while its palm oil contract DCPcv1 gained 2.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.01%.

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 test a resistance at 6,326 ringgit a tonne, a break above which could lead to a gain into the 6,454-6,548 ringgit range, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

Asian shares rose on Wednesday, boosted by U.S. inflation figures that fared better than markets' worst expectations - and caused U.S. yields to pause their march higher - though Chinese shares remained pressured by COVID-19.

Reuters

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ALLSHR 84,811.86
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KSE30 41,457.05
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KMI30 191,083.58
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OGTi 27,824.06
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Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,285.00 120,695.00
116,660.00
-2950.00
-2.45%
BRENT CRUDE 69.30 69.37
68.60
0.09
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RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
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ROTTERDAM COAL MONTHLY 106.50 0.00
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USD RBD PALM OLEIN 998.50 998.50
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CRUDE OIL - WTI 67.01 67.09
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SUGAR #11 WORLD 16.40 16.42
16.25
0.10
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