JAKARTA: Malaysian palm oil futures rebounded on Wednesday after recent falls, as the market tracked strength in rival Dalian palm oil prices.
Malaysian palm oil futures drop
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.57% to 4,225 ringgit ($891.91) per metric ton by 0239 GMT.
Fundamentals
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Dalian’s palm oil contract rose 0.32%, while its soyoil contract slid 0.1%. Soyoil prices on the Chicago Board of Trade were down 0.18%.
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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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Palm oil may fall into a range of 4,158-4,170 ringgit per metric ton, as the uptrend from 3,916 ringgit or 3,811 ringgit has reversed, Reuters technical analyst Wang Tao said.
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