Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm extends gain ahead of cargo surveyor data

KUALA LUMPUR, Jan 20 (Reuters) - Malaysian palm oil futures rose on Thursday as top producer Indonesia's new export policy raised supply concerns, although gains were limited by expectation that cargo surveyor data would show a sharp drop in exports.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 33 ringgit, or 0.64%, to 5,157 ringgit ($1,232.26) a tonne during early trade, rising for a second consecutive session.
It had gained 0.57% overnight.

FUNDAMENTALS
Cargo surveyors are scheduled to release export data for Jan. 1-20 later in the day, with investors expecting a 36% monthly decline.

Indonesia's biggest palm oil association, GAPKI, said on Wednesday the government was currently drafting a plan aimed at limiting shipments of the edible oil to tame domestic cooking oil prices, remarks the Trade Ministry swiftly denied.

To control prices, the Trade Ministry said on Tuesday it would require exporters to obtain shipment approval from the ministry for exports of crude palm oil, used cooking oil and refined, bleached and deodorized palm olein.

Dalian's most-active soyoil contract DBYcv1 gained 1.4%, while its palm oil contract DCPcv1 rose 1%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.1%.

Palm oil may retest a support at 5,106 ringgit, as it faces a resistance at 5,174 ringgit per tonne, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian share markets broke a five-day slide to edge higher on Thursday, shrugging off drops in Europe and on Wall Street overnight as China underscored its diverging monetary and economic picture by cutting benchmark mortgage rates.
By: via Malaysian Palm Oil Council Russia