JAKARTA: Malaysian palm oil futures extended gains to a fourth straight session on Wednesday, tracking strength in rival vegetable oils, while market participants awaited fresh cues from a major conference next week.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange up 0.48% at 3,941 ringgit ($828.29) per metric ton at 0254 GMT.
Malaysian palm oil futures higher
Fundamentals
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The soyoil contract on the Dalian Commodity Exchange was up 1.05%, while its palm oil contract were up 1.17%. Meanwhile, soyoil prices on the Chicago Board of Trade were up 0.07%.
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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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Indonesia’s palm oil output this year is expected to rise by 5% year-on-year to 57.6 million tons, while export expected to stagnate at 32 million to 33 million tons, the Indonesia Palm Oil Association (GAPKI)said on Tuesday.
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Exports of Malaysian palm oil products for the Feb. 1-25 period seen dropped between 10.7% and 14%, cargo surveyors data showed.
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Oil prices slipped in early Asian trade, as the prospect of a delayed US rate cutting cycle offset the boost provided by talk of extensions to production cuts from OPEC+.
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Palm oil FCPOc3 may break resistance at 3,938 ringgit per metric ton, and rise into 3,970-3,992 ringgit range.
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