KUALA LUMPUR, Dec 27 (Reuters) – Malaysian palm futures swung between gains and losses on Monday, as lower exports and stronger rival oils countered profit booking after the contract notched its biggest gain in four-and-a-half months in the previous session.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 0.13% to 4,655 ringgit ($1,111.51) in early trade. It jumped 3.8% on Friday, logging its biggest gain since Aug. 11.
* Dalian’s soyoil contract DBYv1 for May delivery rose 1.57%, while its palm oil contract DCPv1 gained 1.63%. Soybean oil prices on the Chicago Board of Trade BOc2 for May delivery were up 0.67%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Exports of Malaysian palm oil products for Dec. 1-25 fell 2.6% to 1,306,408 tonnes from 1,340,778 tonnes shipped during the same period a month before, cargo surveyor Intertek Testing Services said on Saturday.
* Oil prices were mixed, with Brent edging up while U.S. crude futures slipped after airlines called off thousands of flights in the United States over Christmas holidays amid surging COVID-19 infections. O/R
* Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.
* Palm oil may break a resistance at 4,676 ringgit per tonne, and rise into 4,751-4,812 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
No major data/events expected.
($1 = 4.1880 ringgit)
(Reporting by Liz Lee; Editing by Subhranshu Sahu)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Read More: VEGOILS-Palm oscillates as profit-taking counters stronger rival oils