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

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By 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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KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,835.00 108,430.00
105,440.00
2085.00
1.97%
BRENT CRUDE 67.76 68.10
66.94
0.65
0.97%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 108.25 110.00
108.25
0.75
0.70%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.10 66.43
65.23
0.65
0.99%
SUGAR #11 WORLD 15.76 15.97
15.71
0.06
0.38%

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