Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil rebounds from three-day drop on firmer rival oils, exports

JAKARTA, Feb 14 (Reuters) - Malaysian palm oil rose on Tuesday, rebounding from three days of losses, as firmer Dalian soyoil prices and higher exports underpinned the market.

The benchmark palm oil contract FCPOc3 for April delivery rose 0.41% to 3,939 ringgit ($904.89) per tonne in early trade, after losing 2% over the past three sessions.

FUNDAMENTALS
Dalian's most-active soyoil contract DBYcv1 gained 0.30%, while its palm oil contract DCPv1 eased 0.18%. Soyoil prices on the Chicago Board of Trade BOc2 traded sideways.

Palm 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 Feb. 1-10 rose between 23.3% and 39.3% from Jan.1- Jan.10, cargo surveyors said.

Indonesia said last week it would review its palm oil export quota ratios amid rising domestic cooking oil prices. A government official said on Monday the review was still ongoing.

Palm oil may retest a support of 3,859 ringgit per tonne, a break below which could result in a drop to 3,708 ringgit, said Reuters technical analyst Wang Tao

MARKET NEWS
Asian shares tracked the bounce on Wall Street as investors remained sanguine that key U.S. data due later would show an easing in inflation, while the yen recouped losses ahead of the nomination of a new central bank governor.
By: via Malaysian Palm Oil Council Russia