Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm rises for third day as related edible oils, crude gain

JAKARTA, Nov 23 (Reuters) - Malaysian palm oil futures rose for a third straight session on Wednesday, tracking gains in related oils on the Dalian exchange and crude oil prices, while the ringgit remain soft.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.20% to 4,052 ringgit per tonne in early trade, extending a 4.19% gains over the previous two sessions.

FUNDAMENTALS
Dalian's most-active soyoil contract DBYv1 gained 0.22% higher, while its palm oil contract DCPv1 rose 1.44%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.21%.

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

The Malaysian ringgit MYR=, which the palm benchmark contract is traded in, see-sawed on Tuesday and was little changed in early Wednesday trade, as a political deadlock in the country extended after the election on Saturday resulted in a hung parliament.

Palm oil may test a support at 3,922 ringgit a tonne, a break below which could open the way towards 3,994-4,072 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Oil prices rose in early trade, after industry data showed U.S. crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil.

Asian share markets were mostly in positive territory despite rising COVID-19 cases in mainland China leaving investors uncertain over how much the fresh outbreaks could slow the reopening of the world's second-largest economy.
By: via Malaysian Palm Oil Council Russia