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VEGOILS-Palm oscillates as profit-taking counters stronger rival oils

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.

FUNDAMENTALS

* 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

DATA/EVENTS

No major data/events expected.
($1 = 4.1880 ringgit)
(Reporting by Liz Lee; Editing by Subhranshu Sahu)
((liz.lee@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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2021-12-26 21:07:43

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