* Indonesia's plan to limit palm oil exports is likely to make leading importer India shift to substitute soy and sunflower oils, potentially capping the market's rally, industry officials and analysts said.
* Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Dalian's most-active soyoil contract DBYcv1 rose 0.84%, while its palm oil contract DCPcv1 gained 1.14%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.16%.
* 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 break a resistance at 5,366 ringgit per tonne and rise towards 5,484 ringgit, Reuters technical analyst Wang Tao said. TECH/C
By: via Malaysian Palm Oil Council Russia
To promote the market expansion of Malaysian palm oil and its products by enhancing the image of palm oil and creating better acceptance of palm oil through awareness of various technological and economic advantages (techno-economic advantages) and environmental sustainability. MPOC on Telegram https://t.me/oilpalm
MPOC
- Crude palm oil sees tug of war between bull and bears - 2/26/2024 - user mpoc
- CPO futures likely to trend upward next week - 2/25/2024 - user mpoc
- Sime Darby Plantation expects palm oil prices to stay elevated this year - 2/22/2024 - user mpoc
- BMI revises 2024 forecast for palm oil futures contracts to RM3,750 per tonne - 2/20/2024 - user mpoc
- Monthly Palm Oil Trade Statistics : January 2024 - 2/22/2024 - user mpoc
Подписаться на:
Комментарии к сообщению (Atom)
Комментариев нет:
Отправить комментарий