Palm set for third day of gains as soy oil strengthens
By MG News | July 28, 2022 at 09:20 AM GMT+05:00
July 28, 2022: Malaysian palm oil futures rose on Thursday, heading for a third straight day of gains, as rival soy oils climbed amid concerns of tight soybean harvest.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 4.55% to 4,000 ringgit ($898.27) per tonne during early trade, heading for its best day in nearly two weeks.
FUNDAMENTALS
Dalian's most-active soyoil contract DBYv1 rose 3.81%, while its palm oil contract DCPv1 gained 4.17%. Soyoil prices on the Chicago Board of Trade BOcv1 rose 2.11%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Chicago soybean futures rose for a fifth consecutive session to their highest levels in more than two weeks as hot and dry weather conditions expected in parts of the U.S. Midwest threatened to curb yields.
Oil gained more than $1 a barrel, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Indonesia's crude palm oil (CPO) exports are picking up pace, reaching 100,000 tonnes to 140,000 tonnes per day after the government waived its export levy to ease a supply glut, a senior Finance Ministry official said on Wednesday.
Palm oil may test the resistance of 4,085 ringgit per tonne, a break above which could lead to a gain to 4,269 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
Asian shares made cautious gains as investors scented a possible slowdown in the pace of U.S. rate hikes, lowering bond yields and restraining the dollar.
Reuters
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