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JAKARTA, March 17 (Reuters) – Malaysian palm oil futures were set for a second straight weekly drop on Friday, even as prices rose from a one-month low hit in the previous session, supported by recovery in some rival oils and good export data.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange climbed 1.25% to 3,982 ringgit ($889.34) a tonne by the midday break.
“Today we are taking the opportunity to take profits on the back of strong Dalian and Chicago soyoil recoveries after recent sell off. Our own fundamental is supportive being good export and probable low production due to recent flooding,” a Kuala Lumpur-based trader said.
Argentina’s Buenos Aires grains exchange slashed its 2022/2023 soy production forecast to 25 million tonnes, down sharply from the 29 million tonnes previously estimated, as the crop continues to be battered by a prolonged drought.
Dalian’s most active soyoil contract DBYcv1 slid 0.39%, while its palm oil contract DCPcv1 rose 1.42%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.23%.
Palm oil may retest a support of 3,892 ringgit per tonne, a break below which could trigger a fall into a range of 3,810-3,856 ringgit, Reuters technical analyst Wang Tao said. TECH/C
($1 = 4.4775 ringgit)
(Reporting by Bernadette Christina Munthe; Editing by Subhranshu Sahu and Varun H K)
((Bernadette.christina@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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