Palm oil set for fourth session of gains on firmer crude prices

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MG News | March 24, 2022 at 09:15 AM GMT+05:00

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March 24, 2022: Malaysian palm oil futures were set for a fourth consecutive session of gains on Thursday, as continued strength in crude oil prices lent support to edible oil markets.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange rose 1.94% to 6,295 ringgit ($1,487.83) per tonne in early trade.

The contract has gained around 10% over the past three sessions.

FUNDAMENTALS

* Oil futures extended gains on Thursday morning, after sharply rising in the first portion of the week, as traders weighed additional supply disruptions following reports of storm damage at a major export terminal system on the Black Sea. O/R

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

* Dalian's soyoil contract DBYc1 rose 2.55%, while its palm oil contract DCPv1 gained 4.42%. Soyoil prices on the Chicago Board of Trade BOc2 were 0.1% lower.

* 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 keep rising into a range of 6,548 ringgit to 6,686 ringgit per tonne, to cover a gap forming on March 14.

* Top palm oil producer Indonesia's biodiesel mandate will not stop at B30 (biodiesel containing 30% of palm-based fuel) and the country will make other fuels from palm oil, chief economics minister Airlangga Hartarto said on Thursday.

MARKET NEWS

* Asian shares fell on Thursday, while the sell-off in U.S. Treasuries paused and oil prices rose, as investors and traders weighed the latest developments in the Ukraine war and more hawkish comments from U.S. Federal Reserve officials.

Reuters

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