Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil rises for second day, tracks rival oils

KUALA LUMPUR, Nov 29 (Reuters) - Malaysian palm oil futures rose for a second day on Tuesday, tracking strength in edible oils on Dalian and Chicago exchanges, with hopes of improving exports lifting prices further.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 55 ringgit, or 1.33%, to 4,195 ringgit ($931.81) a tonne during early trade.

FUNDAMENTALS
Fundamentals remain bullish with prospects of higher exports and lower output, Refinitiv Agriculture Research said in note late Monday.

Dalian's most-active soyoil contract DBYcv1 rose 2.7%, while its palm oil contract DCPcv1 gained 3.7%. Soyoil prices on the Chicago Board of Trade BOcv1 extended a 2% overnight jump.

Global commodities markets were hit on Monday by worries over rare demonstrations in China against COVID-19 curbs, with oil and grains hitting significant multi-month lows.

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

Palm oil looks neutral in a range of 4,079-4,176 ringgit a tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares edged higher as Beijing's latest move to support developers boosted the property sector, though it was still not clear what new damage public unrest over China's zero-COVID policy might do to the economy.
By: via Malaysian Palm Oil Council Russia