VEGOILS-Palm oil jumps nearly 4% on stronger edible oil prices
KUALA LUMPUR, June 9 (Reuters) - Malaysian palm oil futures jumped nearly 4% on Friday, tracking an overnight surge in prices of rival edible oils, although the contract was on course for a second weekly decline.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 126 ringgit, or 3.86%, to 3,390 ringgit ($735.36) a ton during early trade.
For the week, the contract has slipped 0.39% so far in anticipation of rising production and inventories.
FUNDAMENTALS
Investors are awaiting Malaysian Palm Oil Board data due on Monday to assess the extent of a climb in May production.
Malaysia's palm oil production in May is seen rocketing 21% to 1.45 million ton, the highest level since last December, a Reuters survey showed on Tuesday.
Indonesia sees the European Union as conducting "regulatory imperialism" with its new deforestation law, but both sides would still engage in talks on a free trade deal, an Indonesian minister said on Thursday.
Dalian's most-active soyoil contract DBYcv1 gained 2.6% while its palm oil contract DCPcv1 rose 3.4%. Soyoil prices on the Chicago Board of Trade BOcv1 eased after surging 4% overnight.
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 test a resistance zone of 3,341 ringgit to 3,368 ringgit per metric ton, a break above could lead to a gain into a zone of 3,394 ringgit to 3,432 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asia-Pacific equities rose to their highest level since mid-February, taking cues from an overnight Wall Street rally as market bets firmed for the Federal Reserve to skip a rate hike next week.
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
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