Palm gains 2% on stronger rival oils

MG News | August 19, 2022 at 09:36 AM GMT+05:00

0:00

August 19, 2022: Malaysian palm oil futures rebounded on Friday on stronger other vegetable oils after tumbling to a near two-week low in the previous session but headed for a weekly drop.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 97 ringgit, or 2.4%, to 4,140 ringgit ($925.14) a tonne during early trade.

FUNDAMENTALS

* Dalian's soyoil contract DBYv1 increased 0.58%, while its palm oil contract DCPv1 rose 0.31%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.71%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Oil prices edged higher in early trade on Friday, extending a rally into the third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks, brushing off worries about a global economic slowdown. O/R

* Palm oil FCPOc3 may fall towards 3,857 ringgit per tonne, as it has broken a support at 4,085 ringgit per tonne.

Reuters

Related News

Name	Price/Vol	%Chg/NChg
KSE100	135,939.87 307.74M	-0.41% -562.67
ALLSHR	84,600.38 877.08M	-0.56% -479.52
KSE30	41,373.68 101.15M	-0.43% -178.94
KMI30	191,069.98 82.45M	-1.17% -2260.79
KMIALLSHR	55,738.07 422.01M	-1.03% -577.24
BKTi	38,489.75 45.79M	-0.02% -8.33
OGTi	27,788.15 6.87M	-1.24% -350.24

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	116,725.00	120,695.00 116,090.00	-3510.00 -2.92%
BRENT CRUDE	68.81	69.41 68.60	-0.40 -0.58%
RICHARDS BAY COAL MONTHLY	96.50	96.50 96.50	0.50 0.52%
ROTTERDAM COAL MONTHLY	104.50	104.50 104.25	-2.05 -1.92%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.68	67.13 66.22	-0.30 -0.45%
SUGAR #11 WORLD	16.56	16.61 16.25	0.26 1.60%