JAKARTA: Malaysian palm oil futures climbed higher on Monday to extend their winning streak as stronger rival oils helped boost prices.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 1.45% to 4,281 ringgit ($908.15) during early trade.
The benchmark contract for May delivery gained 4.86% last week, its highest weekly jump since Jan. 12.
Fundamentals
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Malaysia maintained its export tax for crude palm oil at 8% for April and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Friday.
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Dalian’s most-active soyoil contract jumped 1.49%, while its palm oil contract gained nearly 1%. Soyoil prices on the Chicago Board of Trade traded 0.56% higher.
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Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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Exports of Malaysian palm oil products for March 1-15 rose 8.4% from shipments in February 1-15, independent inspection company AmSpec Agri Malaysia said on Friday, while cargo surveyor Intertek Testing Services reported a 3.3% increase in the same period.
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Palm oil FCPOc3 may break resistance at 4,326 ringgit and rise into a range of 4,378 ringgit to 4,410 ringgit per metric ton, Reuters technical analyst Wang Tao said. Reuters
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