Palm rises mirroring rival soyoil, crude oil
JAKARTA: Malaysian palm oil futures recovered on Wednesday after losses in the previous session, supported by gains in rival soyoil in Dalian and Chicago markets and higher crude prices.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained RM31, or 0.76 per cent, to RM4,095 (US$964.89) a metric ton, as of 0232 GMT.
FUNDAMENTALS
Soyoil on the Chicago Board of Trade (CBOT) was up 0.44 per cent. Dalian's most active soyoil contract gained 0.95 per cent and its palm oil contract rose 0.54 per cent.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Oil prices ticked up in early trading after ending the previous session up more than 4 per cent on worries that the Iran-Israel conflict could disrupt supplies.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1-15 rose 26.3 per cent, compared to May 1-15, while according to independent inspection company, AmSpec Agri Malaysia the shipments rose 17.8 per cent.
Palm oil looks neutral in a range of RM4,072 to RM4,113 per metric ton, and an escape could suggest a direction, according to Reuters' technical analyst Wang Tao.
MARKET NEWS
Concerns over escalating hostilities in the Middle East stayed front and centre in markets, sending oil prices higher and investors rushing for the safety of US Treasuries and the dollar while dumping stocks.
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