In the Philippines, annual inflation accelerated faster than expected to hit the highest level in two years in January, limiting the central bank's room for further interest rate cuts at its meeting next week.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 31 ringgit, or 1%, to 3,273 ringgit ($809.75) a tonne during early trade. It had posted its second straight weekly loss last week.
This bounce is expected to extend towards the peak of a wave 4 around 3,348 ringgit. On the daily chart, the contract stabilized around a support at 3,148 ringgit, the 61.8% retracement on the uptrend from 2,691 ringgit to 3,888 ringgit.
"The proposed private placement will not fully address the Group's current financial concerns as the estimated gross proceeds of up to approximately 454.51 million ringgit would not be sufficient to meet its long-term cash flow requirements," it said.