JAKARTA: Malaysian palm oil futures climbed on Monday after two straight sessions of losses, supported by recovery in rival vegetable oils.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 25 ringgit, or 0.66%, at 3,834 ringgit ($802.09) in early trade.
Malaysian palm oil futures lower
The contract posted 1.93% weekly drop on Friday.
Fundamentals
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Malaysia has maintained its March export tax for crude palm oil at 8% and raised its reference price.
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Exports of Malaysian palm oil products for Feb. 1-15 were seen falling by 4.31% to 17% from the previous month, cargo surveyors reported.
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Soyoil contract at Dalian Commodity Exchange were up 0.98% while its palm oil contract rose 0.98%.Soyoil prices on the Chicago Board of Trade were up 0.15%. 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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Oil prices edged down, as markets digested comments from US Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the US.
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Palm oil FCPOc3 may revisit its Feb. 5 low of 3,745 ringgit per metric ton, driven by a wave C, said Reuters technical analyst Wang Tao.
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