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Markets

Palm rises for third day as lower output forecasts stoke supply worries

  • The contract rallied 3% in the previous session after industry groups estimated a decline in Sept. 1-20 Malaysian production following a near 12% rise in August
23 Sep 2021

KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, extending gains to a third session on the back of lower production forecasts and robust exports ahead of a key festival in top buyer India.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 15 ringgit, or 0.35%, to 4,345 ringgit ($1,037.49) a tonne in early trade.

FUNDAMENTALS

  • The contract rallied 3% in the previous session after industry groups estimated a decline in Sept. 1-20 Malaysian production following a near 12% rise in August.

    • Exports during Sept. 1-20 rose 36.7% from the same period in August due to a surge in demand from India and China, cargo surveyor Societe Generale de Surveillance said on Tuesday.
  • Investors are awaiting leading industry analysts to present their outlook at the Globoil India conference from Thursday to Saturday.

  • Dalian's most-active soyoil contract rose 0.7%, while its palm oil contract gained 1.5%. Soyoil prices on the Chicago Board of Trade were up 0.04%.

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

  • Record palm oil prices, and new government promises of payouts even if Indian prices slump, are driving an ambitious $1.5 billion oil palm cultivation plan which aims to lift domestic output sharply within a decade.

    • Palm oil may retreat into a range of 4,157-4,234 ringgit per tonne, as its bounce from the Monday low of 4,032 ringgit is ending, Reuters technical analyst Wang Tao said.

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