Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil tracks crude oil prices higher, up over 3%

JAKARTA, Dec 13 (Reuters) - Malaysian palm oil futures on Tuesday recouped some losses from the previous session, as crude oil prices firmed and as a drop in other vegetable oils slowed.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 123 ringgit or 3.29% to 3,860 ringgit ($872.32) per tonne in early trade. The contract plunged 6.36% on Monday, posted their biggest daily drop since Sept. 28.

FUNDAMENTALS
Dalian's most active soyoil contract DBYv1 dropped 0.89%, while its palm oil contract DCPv1 fell 0.99%. Soyoil prices on the Chicago Board of Trade BOc2 rose 0.18%.

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

Exports of Malaysian palm oil products for Dec. 1-10 rose 5.6% from the same period a month earlier, cargo surveyor Intertek Testing Services said on Saturday, while AmSpec Agri Malaysia reported a 14.3% increase.

Palm oil FCPOc3 may test a resistance at 3,861 ringgit a tonne, a break above which could lead to a gain to 3,945 ringgit.

MARKET NEWS
Asian stock markets were buoyed by overnight optimism on Wall Street that the U.S. Federal Reserve and other central banks would ease off on the pace at which rates have been hiked to tackle the highest inflation levels in decades.

Oil prices rose for a second day as a key pipeline supplying the United States, the world's biggest crude consumer, remained shut and on expectations loosening COVID restrictions in China, the second-biggest user globally, will boost demand.
By: via Malaysian Palm Oil Council Russia