JAKARTA: Malaysian palm oil futures rose on Thursday for a fifth straight session, tracking gains in rival soyoil prices on the Chicago Board of Trade.
Palm extends gains on supply shortage ahead of Eid holiday
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 13 ringgit, or 0.29%, to 4,420 ringgit ($932.69) a metric ton in early trade.
Fundamentals
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The Dalian Commodity Exchange is closed on Thursday and Friday for the Qingming festival. Soyoil prices on the Chicago Board of Trade were up 0.43%.
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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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India’s rapeseed and mustard output is likely to rise 7% from last year to a record 12.09 million metric tons in 2024. This will help the world’s biggest vegetable oil importer cut back on edible oil imports.
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India’s palm oil imports hit a 10-month low in March to 481,000 tons, as the top vegetable oil buyer increased sunflower oil imports amid lower prices, traders said.
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Exports of Malaysian palm oil products for March were seen up between 11.77% and 29.2%, cargo surveyors Intertek Testing Services, AmSpec Agri and Societe Generale de Surveillance said.
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Palm oil may retest support at 4,378 ringgit per ton, as it is due for a correction, according to Reuters’ technical analyst Wang Tao.
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