Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm extends gains ahead of key March data
 
KUALA LUMPUR, April 11 (Reuters) - Malaysian palm oil futures rose on Monday ahead of official March supply-demand data, extending gains as a forecast of tighter supplies for rival soyoil underpinned the market.
 
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 71 ringgit, or 1.2%, to 5,992 ringgit ($1,417.89) a tonne in early trade.
Lat week, palm had gained 6.4%.

FUNDAMENTALS
Exports of Malaysian palm oil products for April 1-10 fell 25.6% to 278,621 tonnes from the same week in March, cargo surveyor Intertek Testing Services said on Sunday.
 
Oil prices slipped $2 a barrel in early Asian trading, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China lockdowns continued.
 
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
 
Chicago Board of Trade soybean futures climbed on Friday after the U.S. Department of Agriculture lowered its forecast for South American production and also cut its estimate for U.S. stocks.
 
Soyoil prices on the Chicago exchange BOcv1 retreated 1% following a near 3% rise on Friday. Dalian's most-active soyoil contract DBYcv1 gained 0.4%, while its palm oil contract DCPcv1 rose 0.3%.
 
Palm oil is biased to break a resistance at 5,966 ringgit tonne and edge up to the next resistance at 6,104 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares slipped on Monday ahead of a week packed with central bank meetings and U.S. inflation data, while the euro eked out a gain on relief the far right did not win the first round of the French presidential elections.
By: via Malaysian Palm Oil Council Russia