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

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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KSE100 164,831.42
172.53M
1.19%
1934.74
ALLSHR 99,333.72
384.51M
0.90%
884.04
KSE30 49,356.83
107.72M
1.37%
669.37
KMI30 237,212.17
96.91M
1.44%
3362.86
KMIALLSHR 64,767.41
193.69M
1.12%
719.32
BKTi 44,973.02
33.91M
1.41%
625.96
OGTi 34,831.33
6.50M
1.19%
408.38
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 77,750.00 77,920.00
76,465.00
915.00
1.19%
BRENT CRUDE 105.14 111.49
103.24
-6.14
-5.52%
RICHARDS BAY COAL MONTHLY 110.00 0.00
0.00
-8.75
-7.37%
ROTTERDAM COAL MONTHLY 113.00 113.00
112.80
0.55
0.49%
USD RBD PALM OLEIN 1,191.50 1,191.50
1,191.50
0.00
0.00%
CRUDE OIL - WTI 99.08 104.45
96.94
-5.07
-4.87%
SUGAR #11 WORLD 14.76 15.15
14.67
-0.25
-1.67%

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