JAKARTA: Malaysian palm oil futures opened higher for the third straight session on Wednesday, supported by gains in the palm oil contract on the Dalian Commodity Exchange.
Palm oil extends rise on short coverings, Chicago soyoil strength
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 49 ringgit, or 1.14%, to 4,361 ringgit ($918.11) a metric ton, during morning trade.
Fundamentals
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The soyoil contract on the Dalian Commodity Exchange gained 0.23%, while its palm oil contract was up 2%. Soyoil prices on the Chicago Board of Trade were down 0.12%.
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Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market.
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India’s palm oil imports hit a ten-month low in March to 481,000 tons, as the top vegetable oil buyer increased sunflower oil imports amid lower prices, traders said.
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Exports of Malaysian palm oil products for March were seen rising between 11.77% and 29.2%, cargo surveyors Intertek Testing Services, AmSpec Agri Malaysia and Societe Generale de Surveillance (SGS) said.
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Palm oil may extend gains into a range of 4,432 ringgit to 4,462 ringgit per metric ton, as suggested by a projection analysis, according to Reuters’ technical analyst Wang Tao.
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