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JAKARTA, Nov 22 (Reuters) – Malaysian palm oil futures rose on Tuesday, extending a rebound from over a one-month low, as firm exports data and soft ringgit boosted prices.
The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.95% to 3,930 ringgit ($859.02) per tonne in early trade. The contract a day earlier hit its lowest level since Oct. 17.
FUNDAMENTALS
* Exports of Malaysian palm oil products in Nov. 1-20 rose 8.1% from a month earlier, cargo surveyor Societe Generale de Surveillance said on Tuesday.
* Over the weekeend, cargo surveyor Intertek Testing Services said exports in Nov. 1-20 rose 9.6% compared to the same period a month earlier, while independent inspection company AmSpec Agri Malaysia reported a 2.9% increase.
* The Malaysian ringgit MYR=, in which the palm benchmark is traded, fell as much as 0.7% against the U.S. dollar on Monday after a general election resulted in a hung parliament, making the edible oil cheaper for holders of foreign currencies. It traded sideways on Tuesday.
* Dalian’s most-active soyoil contract DBYv1 fell 0.64%, while its palm oil contract DCPv1 rose 1.05%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.79%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Shares in the Asia Pacific fell on Tuesday’s early trading as the worsening COVID-19 resurgence in China deepened concerns over supply chain disruption and Beijing’s slapping strict curbs back again. MKTS/GLOB
* Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies. O/R
DATA/EVENTS (GMT)
1500 EU Consumer Confid. Flash Nov
($1 = 4.5750 ringgit)
(Reporting by Fransiska Nangoy; editing by Uttaresh.V)
((Fransiska.Nangoy@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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