Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm snaps 3-day slide on overnight Chicago soyoil strength

JAKARTA, March 21 (Reuters) - Malaysian palm oil futures rose on Tuesday after three straight sessions of losses, tracking overnight strength in Chicago soyoil prices and buoyed by strong export data.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange climbed 30 ringgit, or 0.79%, to 3,815 ringgit ($852.70) a tonne in early trade.

The contract fell on Monday to its lowest close in nearly seven weeks, dragged down by weakness in rival vegetable oils and global economic concerns.

FUNDAMENTALS
Exports of Malaysian palm oil products for March 1-20 rose between 19.8% and 29.8% from a month earlier, data from cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia showed.

Indonesia's palm oil production for 2023/24 is seen at 46 million metric tonnes (MMT), an increase of 3% from the previous year, the U.S. Department of Agriculture's (USDA) Foreign Agricultural Service report said.

Dalian's most active soyoil contract DBYcv1 slid 0.22%, while its palm oil contract DCPcv1 dropped 1.30%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.24% after Monday's 0.8% gain.

Palm oil FCPOc3 may bounce further to 3,931 ringgit per tonne, as suggested by its wave pattern and a falling channel.

MARKET NEWS
Asian stocks were lifted from lows on Tuesday, with the rescue of Credit Suisse stemming selling in bank shares, though the mood was fragile and the stress in markets had traders wondering whether U.S. rate hikes might be finished.

Oil prices stabilised after falling early in the previous session on investor worries that recent banking-sector problems would weigh on the global economy and limit demand for crude.
By: via Malaysian Palm Oil Council Russia