Palm rises but range-bound on expectations of higher inventories

MG News | November 02, 2021 at 09:25 AM GMT+05:00

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November 2, 2021: Malaysian palm oil futures rose early on Tuesday, but traded mostly range-bound on market expectations of higher-end stocks for October.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange climbed 0.40% to 4,981 ringgit ($1,201.11) a tonne in early trade.

FUNDAMENTALS

At 0248 GMT, Dalian's palm oil contract was down 0.8%, and the most-active soyoil contract on the exchange also fell 0.4%. Soyoil prices on the Chicago Board of Trade rose 0.3%.

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 retest a resistance at 5,048 ringgit per tonne, a break above could lead to a gain to 5,187 ringgit, Reuters technical analyst Wang Tao said.

Reuters

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