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SINGAPORE, March 27 (Reuters) – Malaysian palm oil futures climbed on Monday, rising from a more than 5-1/2-month low hit in the previous session, after cargo surveyor data showed a jump in exports.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange rose 29 ringgit, or 0.9%, to 3,542 ringgit ($799.91) a tonne in early trade, after seven straight sessions of falls.
FUNDAMENTALS
* Exports of Malaysian palm oil products for March 1-25 rose between 11.4% and 19.8% from a month earlier, cargo surveyors said on Saturday.
* Oil prices climbed in early trade as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Dalian’s most-active soyoil contract DBYcv1 climbed 0.3%, while its palm oil contract DCPcv1 rose 0.6%. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.6%.
* 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 break a support of 3,494 ringgit and fall to 3,420 ringgit per tonne, to complete a wave c, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares struggled while U.S. and European stock futures edged higher on hopes authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels. MKTS/GLOB
DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New March
0800 Germany Ifo Curr Conditions New March
0800 Germany Ifo Expectations New March
1100 France Unemp Class-A SA Feb
($1 = 4.4280 ringgit)
(Reporting by Carman Chew; Editing by Subhranshu Sahu)
((carman.chew@thomsonreuters.com; +6582011860))
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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