Palm rises as worries over edible oil supply linger
MG News | April 18, 2022 at 08:42 AM GMT+05:00
April 18, 2022: Malaysian palm oil futures rose on Monday tracking strength in other edible oils on China's Dalian exchange, supported by lingering concerns over tightening global supplies amid the Russia-Ukraine conflict.
The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 0.73%, to 6,366 ringgit ($1,500.35) a tonne during early trade.
The contract posted a 9% weekly gain last week.
FUNDAMENTALS
* Exports of Malaysian palm oil products for April 1-15 fell between 14% and 23% from the same period in March, cargo surveyors said.
* Italian confectionery giant Ferrero will stop sourcing palm oil from Sime Darby Plantation SIPL.KL after the U.S. customs service found the Malaysian planter used forced labour, in a reputational blow for the palm producer and Malaysia.
* Dalian's most-active soyoil contract DBYv1 rose 0.13%, while its palm oil contract DCPv1 gained 1.85%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.87%.
* 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 6,548 ringgit a tonne, a break above could lead to a gain into the 6,664-6,686 ringgit range, Wang Tao, Reuters technical analyst said.
MARKET NEWS
* Oil prices rose as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
* Stronger crude makes palm a more attractive option for biodiesel feedstock.
* U.S. grains futures gained in early Asian trade, with corn hitting nearly a decade high, supported by tightening global supplies and a production outlook clouded by the Russia-Ukraine war.
Reuters
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