Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm tracks lower crude prices, supply worries limit losses
 
KUALA LUMPUR, April 6 (Reuters) - Malaysian palm oil futures eased on Tuesday after a two-day climb, as crude prices fell, although the losses were limited by supply worries around global commodities amid fears of new sanctions on Russia.
 
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange fell 33 ringgit, or 0.56%, to 5,882 ringgit ($1,394.50) during early trade.

FUNDAMENTALS
Oil futures extended losses from the previous day, as data showed a build in U.S. crude stocks and Shanghai's extended lockdown fuelled fears of slower demand, making palm a less attractive option for biodiesel feedstock.
 
The United States and its allies on Wednesday will impose new sanctions on Russian banks and officials and ban new investment in Russia, the White House said, after officials in Washington and Kyiv accused Moscow of committing war crimes in the Ukrainian town of Bucha.
 
President Vladimir Putin said on Tuesday Russia must keep a close eye on its food exports to hostile countries because the West's sanctions had fomented a global food crisis and spiralling energy prices.
 
Dalian's most-active soyoil contract DBYcv1 rose 2.7% while its palm oil contract DCPcv1 gained 2.6% after a two-day closure. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.3%.
 
The ringgit MYR=, palm's currency of trade, fell 0.23% against the dollar, making the edible oil cheaper for holders of foreign currency.
 
Palm oil may test a resistance at 5,966 ringgit per tonne, a break above may lead to a gain to 6,104 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian share markets slipped as investors faced up to the possibility of aggressive monetary tightening by the U.S. Federal Reserve to fight inflation, while focus was also on new Western sanctions against Russia over its invasion of Ukraine.
By: via Malaysian Palm Oil Council Russia