Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm rises over 2% after volatile Monday

KUALA LUMPUR, April 26 (Reuters) - Malaysian palm oil futures rebounded on Tuesday as more details emerged about top producer Indonesia's ban on palm exports, easing fears of a blanket ban on the shipment of all products.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 169 ringgit, or 2.71%, to 6,398 ringgit ($1,471.82) a tonne in early trade.

The contract fell 2% on Monday after rising nearly 7% earlier in the day.

FUNDAMENTALS
Indonesia will only ban exports of refined, bleached and deodorized palm olein starting Thursday, while the ban will not include crude palm oil or other forms of derivative products, senior government official Musdhalifah Machmud said.

However, further export bans can be carried out if there is a shortage of refined palm oil, according to a presentation the Indonesian government gave to companies.

Exports of Malaysian palm oil products for April 1-25 fell 12.9% to 897,683 tonnes from the same period in March, cargo surveyor Societe Generale de Surveillance said.

Dalian's most-active soyoil contract DBYcv1 fell 2.1%, while its palm oil contract DCPcv1 lost 0.5%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.9%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil may bounce into a range of 6,326-6,392 ringgit a tonne, following its stabilisation around a support at 6,104 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares were cautiously higher on Tuesday after a late revival on Wall street, though global growth fears stoked by China's stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening sapped risk appetite.
By: via Malaysian Palm Oil Council Russia