Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil gains 2.5% ahead of Indonesia's export ban

JAKARTA, April 27 (Reuters) - Malaysian palm oil futures extended gains to a second session on Wednesday as investors assess the impact of top producer Indonesia's decision to curb exports of refined, bleached and deodorized palm olein.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 166 ringgit, or 2.59%, to 6,566 ringgit ($1,507.35) a tonne in early trade.

FUNDAMENTALS
Indonesia will ban exports of RBD palm olein from midnight on April 28 until prices of bulk cooking oil drop to 14,000 rupiah per litre, a senior minister said on Tuesday, while a document showed it was prepared to widen the ban if there are shortages.

EU palm oil imports in 2021/22 stood at 4.02 million tonnes versus 4.42 million tonnes.

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

Dalian's most-active soyoil contract DBYcv1 rose 2.71%, while its palm oil contract DCPcv1 gained 3.86%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.06%.

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

Palm oil FCPOc3 may retest a resistance at 6,548 ringgit a tonne, a break could lead to a gain in the range of 6,686 ringgit to 6,797 ringgit.

MARKET NEWS
Oil prices extended gains in early Asian trade as geopolitical tensions simmered with Russia warning of gas supply cuts to Poland and Bulgaria while hopes of Chinese economic stimulus buoyed oil demand outlook.

A global stocks sell-off extended into the Asia morning, as global economic slowdown fears forced investors to dump riskier assets in favour of safe havens such as the U.S. dollar and government bonds.
By: via Malaysian Palm Oil Council Russia