JAKARTA, December 21 (Reuters) – Malaysian palm oil futures rose on Tuesday, following the rise in crude and rival vegetable oils, while expectations of a supply slowdown also provided some support.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange, gained 2.24% to 4,391 ringgit ($ 1,041.51) at the start of trading.
It fell 2.56% on Monday, but rebounded 0.75% during the overnight session.
* Malaysian palm oil product exports from Dec. 1 to Dec. 20 fell 5.1 percent from the same period in November, freight expert Intertek Testing Services said on Monday, while the firm of independent inspection AmSpec Agri Malaysia said exports fell 6.6%.
* Malaysia maintains January crude palm oil export duties at 8%.
* Dalian soybean oil contract for delivery in May DBYv1 gained 0.1%, while its palm oil contract DCPv1 gained 0.71%. Soybean Oil Price on the Chicago Board of Trade BOc2 rebound of 1.38%.
* Palm oil is affected by fluctuations in the prices of related oils, as they compete for a share of the global vegetable oil market.
* Oil prices edged up on Tuesday, although investors remained concerned about the rapid spread of the Omicron coronavirus variant around the world, prompting countries to consider more restrictions that could reduce demand for fuel. WHERE
* Stronger crude oil futures generally make palm oil a more attractive option for biodiesel feedstock.
* Palm oil could rebound in a range of 4,434 to 4,480 ringgits per tonne, after stabilizing around 4,298 ringgits, said Reuters technical analyst Wang Tao.
* Asian stocks rose on Tuesday, ignoring a deadly session on Wall Street, as Chinese markets applauded Beijing’s pressure to help struggling real estate companies, although the upsurge in cases of the Omicron variant persists as a concern for investors. investors. MKTS / GLOB
DATA / EVENTS
1500 EU Consumer Confidence Flash Dec
2350 Japan Bank of Japan releases minutes of October 27-28 monetary policy meeting
($ 1 = 4.2160 ringgits)
(Reporting by Fransiska Nangoy; Editing by Shounak Dasgupta)
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