Futures Malaysian palm oil rises on Wednesday, taking two loss sessions, the mirroring movement at Soyoil Chicago Market, while the market is waiting for the Malaysian Palm Oil Board (MPOB) data.
Benchmark Palm Oil Contract FCPO1! For May shipping in the Malaysian exchange exchange, 69 ringgit, or 1.59%was added, to be closed at 4,418 ringgit ($ 997.97) per metric ton.
“The Futures will try to restore the decline yesterday before continuing its direction while waiting for the next Monday MPOB data,” said a trader based in Kuala Lumpur.
MPOB is scheduled to release its monthly data on March 10.
Soyoil’s price at the Chicago Trade Council (CBOT) ZL1! up 0.77%, while the most active Soyoil contract Dalian (DBYCV1) fell 1.51% and CPO1 palm oil contracts! Loss of 1.21%.
Palm oil tracks the movement of the price of oil that can be eaten because it competes to get the global vegetable oil market share.
Inventory of Malaysian palm oil is estimated to fall in February to the lowest in almost three years due to disruption of production caused by flooding, a reuters survey shows.
Meanwhile, imports of Indian palm oil rose 36% in February after falling to the lowest since March 2011 in January, according to estimates from the dealer.
Oil prices fell for the third session on Wednesday as a plan by a large producer to increase output in April, combined with fears that US tariffs in Canada, Mexico and China will slow down the growth of economic demand and fuel, gathering investor sentiment.
Crude oil that is weaker futures makes the palm of the hand a less attractive choice for biodiesel raw materials.
Ringgit USDMYR, the Palm trade currency, strengthened 0.83% of the US dollar, making commodities a little more expensive for buyers who hold foreign currencies.
Source: Reuters
