JAKARTA: Malaysian palm oil futures rose for a second straight session on Thursday, supported by strength in Dalian and Chicago vegetable oils and better-than-expected export figures.
Palm rebounds on Dalian strength
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 0.49% at 4,293 ringgit ($912.05) per metric ton, as of 0233 GMT.
Fundamentals
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Exports of Malaysian palm oil products for March 1-20 were seen up between 7.4% and 16.3% from the same period last month, cargo surveyors Intertek Testing Services and Amspec Agri said.
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Dalian’s palm oil contract rose 1.26%, while its soyoil contract increased 1.53%. Soyoil prices on the Chicago Board of Trade were up 0.81%.
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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 is poised to break resistance at 4,326 ringgit per metric ton, and rise into 4,378-4,410 ringgit range, Reuters technical analyst Wang Tao said.
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