Palm oil surges over 3% on stronger rivals, exports
MG News | September 13, 2022 at 09:23 AM GMT+05:00
September 13, 2022: Malaysian palm oil futures jumped more than 3% on Tuesday, tracking overnight gains in rival soyoil on lacklustre forecast of U.S. supply, while strong early-September exports further lifted the oilseed.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 133 ringgit, or 3.61%, to 3,816 ringgit ($847.06) a tonne during early trade, up for a third straight session.
FUNDAMENTALS
* Exports during Sept. 1-10 rose between 9.3% and 25.5% from the same period in August, cargo surveyors said.
* Malaysia's palm oil stocks at the end-August climbed to their highest in 33 months, as output rose with peak production season getting underway, palm oil board data showed on Monday.
* Soyoil prices on the Chicago Board of Trade BOcv1 rose 2.5% overnight after the U.S. Agriculture Department said soybean supplies will fall to a seven-year low as hot and dry weather during August in western growing areas cut into its harvest potential.
* Dalian's most-active soyoil contract DBYcv1 rose 3%, while its palm oil contract DCPcv1 gained 3.2%.
* 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 3,738 ringgit per tonne, a break above could lead to a gain into the 3,783-3,855 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks rose as traders in Korea returned from holidays in a mood to catch up on a global bounce, while other markets held steady ahead of U.S. inflation data that will offer a crucial guide to the interest rate outlook.
Reuters
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