Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil extends gains as March inventories hit one-year low
 
KUALA LUMPUR, April 12 (Reuters) - Malaysian palm oil futures rose for a third straight session on Tuesday, hitting a three-week peak, as tighter March inventories outweighed this month's lean exports.
 
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 123 ringgit, or 2.05%, to 6,128 ringgit ($1,447.50) a tonne during early trade, its highest since March 24.

FUNDAMENTALS
Malaysia's palm oil inventories at end-March shrank to their lowest in a year, as a larger-than-expected rise in exports and plunge in imports erased strong production growth, Malaysian Palm Oil Board (MPOB) data showed on Monday.
 
Exports for April 1-10 fell 26.8% from the same week in the prior month, according to independent inspection company AmSpec Agri Malaysia on Monday.
 
Oil futures rose early as the market weighed the potential for more sanctions on Russia's energy sector and OPEC warned it would be impossible to increase output enough to offset lost supply.
 
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
 
Dalian's most-active soyoil contract DBYcv1 rose 1.2%, while its palm oil contract DCPcv1 gained 2.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1%.
 
Palm oil may test a resistance at 6,104 ringgit a tonne, a break above could lead to a gain into the 6,188-6,326 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares were down while the U.S. dollar held strong on Tuesday, as Treasury yields spiked to a three-year high ahead of U.S. inflation data, which could foreshadow even more aggressive interest rate hikes from the Federal Reserve.
By: via Malaysian Palm Oil Council Russia