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Malaysian palm oil contract rose 35 ringgit
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Exports of Malaysian palm oil products for March 1-25 rose
between 11.4% and 19.8% from a month earlier
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Sentiments bogged down by weakness in related veg oil
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(Updates with midday prices, adds quotes)
SINGAPORE, March 27 (Reuters) -
Malaysian palm oil futures climbed on Monday, lifted by stronger March exports so far, setting the contract on course to snap a seven-day decline.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 35 ringgit, or 1%, to 3,547 ringgit ($801.40) a tonne by midday break. Palm oil attempted to recover some of the massive losses from last week, but there was little momentum to sustain the prices higher, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
"Sentiments are still bogged down by weakness in related vegetable oils," he said.
Exports of Malaysian palm oil products for March 1-25 rose between 11.4% and 19.8% from a month earlier, cargo surveyors said on Saturday. Indonesia shipped 2.95 million tonnes of palm oil in January, up 35.2% from a year earlier, the
Indonesian palm oil association said in a statement.
Crude palm oil output at the world's biggest producer stood at 3.89 million tonnes in January, while inventories fell 3.56% from the month before to 3.09 million tonnes.
Dalian's most-active soyoil contract rose 0.9%, while its palm oil contract strengthened 1.5%. Soyoil prices on the Chicago Board of Trade dipped 0.4%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Oil prices stabilised in Asian trade as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Higher crude oil prices make palm a more attractive option for biodiesel feedstock.
Palm oil may break a support of 3,494 ringgit and fall to 3,420 ringgit per tonne, to complete a wave c, Reuters technical analyst Wang Tao said. ($1 = 4.4260 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Carman Chew; Editing by Sonia Cheema)
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