2023-10-03 06:08:58
Malaysian palm oil futures edged higher on Tuesday after extending losses for a second session on Monday, when buyers in the main market, China, postponed purchases due to holidays.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 0.81% to 3,733 ringgit ($790.39) per metric tonne in early trade.
Palm oil futures fell 6.06% on a monthly basis in September after posting two consecutive monthly gains. FUNDAMENTALS * The Dalian Commodity Exchange is closed from September 29 to October 6 for the Mid-Autumn Festival and National Day. Soybean oil prices on the Chicago Board of Trade rose 0.4%. *Palm oil is affected by price movements of related oils that compete for share of the global vegetable oil market. * Malaysia’s exports of palm oil products for September are expected to increase by 5.4% to 8.1%, according to data from independent inspection company AmSpec Agri Malaysia and the body cargo inspection company Intertek Testing Services. * Indonesia raised its benchmark price for crude palm oil to $827.37 per tonne for the period October 1-15, maintaining export taxes and levies for the oil of raw palm unchanged at 33 dollars and 85 dollars per tonne. * Malaysian palm oil is expected to trade between 3,700 and 4,500 ringgit ($790-960) per metric ton by mid-2024, as the El Niño weather phenomenon threatens supplies amid growing demand, according to analysts. * Palm oil FCPOc3 may rise to the range of 3,765-3,795 ringgit per metric tonne, after stabilizing around support of 3,686 ringgit. MARKET NEWS * Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger US dollar, rising US bond yields and mixed supply signals. DATA/EVENTS (GMT) 0330 Australia RBA Cash Rate Oct 1400 US JOLTs Job Openings Aug ($1 = 4.7230 ringgit) (Reporting by Mayank Bhardwaj; Writing by Nivedita Bhattacharjee)
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