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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KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
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BKTi 34,940.73
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1464.05
OGTi 28,296.06
16.02M
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333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,130.00 108,430.00
105,440.00
2380.00
2.25%
BRENT CRUDE 67.65 68.10
66.94
0.54
0.80%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
108.25
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.96 66.43
65.23
0.51
0.78%
SUGAR #11 WORLD 15.60 15.97
15.58
-0.10
-0.64%

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