Palm trades sideways on stronger early Feb exports

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By MG News | February 16, 2022 at 09:06 AM GMT+05:00

0:00

 February 16, 2022: Malaysian palm oil futures traded sideways early Wednesday as the most active contract rolled over to a new month, underpinned by a surge in early February exports but weighed by weak crude futures.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange lost 7 ringgit, or 0.13%, to 5,467 ringgit ($1,305.71) a tonne by 0303 GMT.

FUNDAMENTALS

Exports of Malaysian palm oil products for Feb. 1-15 rose between 18.8% and 23.6% from the previous month, rebounding from a dismal performance in January, according to data by cargo surveyors on Tuesday.

India has raised the base import prices of palm oil, soyoil, gold and silver, the government said in a statement late on Tuesday, as prices jumped in the overseas market.

Dalian's most-active soyoil contract fell 0.5%, while its palm oil contract lost 0.3%. Soyoil prices on the Chicago Board of Trade were up 0.4%.

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 break a support at 5,359 ringgit per tonne and fall to 5,217 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

Asian shares rallied on Wednesday as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base, delivering investors a measure of relief.

Oil pared some losses in early Asian trading on Wednesday after an over 3% fall the previous day, as investors weighed an easing Russia-Ukraine tension against overall tight global supplies.

Reuters

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324.46M
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33.04
ALLSHR 83,188.05
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0.13%
106.90
KSE30 40,651.46
104.88M
-0.13%
-53.85
KMI30 192,083.92
123.92M
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KMIALLSHR 55,847.70
679.22M
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BKTi 36,422.88
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OGTi 28,437.61
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Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,015.00 109,545.00
109,000.00
-200.00
-0.18%
BRENT CRUDE 69.97 70.05
69.85
-0.18
-0.26%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.05
2.15%
ROTTERDAM COAL MONTHLY 106.65 106.65
106.25
0.50
0.47%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.13 68.19
67.78
-0.20
-0.29%
SUGAR #11 WORLD 16.15 16.37
16.10
-0.13
-0.80%

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