Palm rebounds as rival oils firm on lingering supply concerns

MG News | November 23, 2021 at 08:52 AM GMT+05:00

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November 23, 2021: Malaysian palm oil futures rebounded on Tuesday after falling for two straight sessions, as they tracked rival oils that rose on strengthening exports and persisting concerns of supply crunch.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.03% to 5,010 ringgit ($1,196.28) during early trade on Tuesday.

FUNDAMENTALS

* Dalian's most-active soyoil contract climbed 1.13% and its palm oil contract rose 0.94%. Soybean oil prices on the Chicago Board of Trade for January delivery were up 0.27%.

* U.S. corn and soybeans futures followed wheat higher, with additional support from a waning U.S. harvest and strong domestic demand from ethanol makers and soy processors.

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

* Palm oil looks neutral in a range of 4,926 ringgit to 5,002 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Reuters

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