VEGOILS-Palm rises on strength in rival oils

Credit: REUTERS/ANTARA FOTO

By Dewi Kurniawati

JAKARTA, Feb 27 (Reuters) - Malaysian palm oil futures rose on Monday, tracking gains in rival oils in Chicago and Dalian markets.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange rose 27 ringgit, or 0.70%, to 3,890 ringgit ($814.49) per metric ton in early trading.

FUNDAMENTALS

* The soyoil contract on the Dalian Commodity Exchange DBYcv1 was up 0.58%, while its palm oil contract DCPcv1 rose 1.02%. Meanwhile, soyoil prices on the Chicago Board of Trade BOc2 increased 0.64%.

* Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market.

* Exports of Malaysian palm oil products for Feb. 1-25 fell 14.3% to 863,108 tons from 1,006,930 tons shipped during the same period in January, according to independent inspection company AmSpec Agri.

* While according to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products on the same period also fell 10.7% to 951,409 tons from 1,064,778 tons shipped from Jan. 1-25.

* Palm oil FCPOc3 may climb to 3,914 ringgit per ton, as it managed to stabilise above a rising trendline, according to Reuters' technical analyst Wang Tao. TECH/C

MARKET NEWS

* Asian shares struggled to advance, with slightly warmer-than-expected Japanese inflation putting investors on guard ahead of price data due in Europe and the U.S. this week. MKTS/GLOB

* Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries. O/R

DATA/EVENTS (GMT)

1100 France Unemp Class-A SA Jan

1330 US Durable Goods Jan

1500 US Consumer Confidence Feb

($1 = 4.7760 ringgit)

cpo https://tmsnrt.rs/49xkSGC

(Reporting by Dewi Kurniawati; Editing by Rashmi Aich)

((Dewi.Kurniawati@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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