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KUALA LUMPUR, Oct 31 (Reuters) – Malaysian palm oil futures jumped 4% on Monday, recovering from last week’s losses after Russia withdrew from a Black Sea export deal, which may hurt global grains and sunflower oil supplies.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 165 ringgit, or 4.14%, to 4,154 ringgit ($879.15) a tonne during early trade.
FUNDAMENTALS
* Russia on Saturday suspended participation in a U.N.-brokered Black Sea grain deal, after what it said was a major Ukrainian drone attack on its fleet in Crimea, dealing a blow to attempts to ease the global food crisis.
* Indonesia plans to set its crude palm oil reference price at $770.88 per tonne for Nov. 1-15, deputy minister for economic affairs, Musdhalifah Machmud said on Friday, up from the current reference price of $713.89 per tonne.
* Dalian’s most-active soyoil contract DBYcv1 fell 1%, while its palm oil contract DCPcv1 gained 0.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 2.4%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may revisit its Oct. 25 high of 4,263 ringgit per tonne, as it may have resumed its uptrend from the Sept. 28 low of 3,220 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stock markets climbed cautiously amid hopes that the Federal Reserve might sound less aggressive about rate hikes this week, while wheat prices leapt after Russia withdrew from a pact allowing Ukrainian grain to transit the Black Sea. MKTS/GLOB
DATA/EVENTS (GMT)
0030 Australia Retail Sales MM Final Sept
0130 China NBS Manufacturing PMI Oct
1000 EU HICP Flash YY Oct
1000 EU HICP-X F, E, A, T Flash MM, YY Oct
1000 EU GDP Flash Prelim QQ, YY Q3
British finance minister Kwasi Kwarteng announces his
medium-term fiscal statement plus new forecasts for the
economy and the public finances from the Office for Budget
Responsibility
($1 = 4.7250 ringgit)
(Reporting by Mei Mei Chu; Editing by Rashmi Aich)
((Meifong.chu@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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