Mumbai, 18 Mar (Commoditiescontrol): Malaysian palm oil futures extended their upward trajectory on Monday, buoyed by gains in rival vegetable oils. Early trading saw the benchmark June delivery contract on the Bursa Malaysia Derivatives Exchange climb 1.45% to 4,281 ringgit ($908.15).
This surge follows a significant increase last week, with the benchmark May delivery contract recording a 4.86% weekly jump – the highest since January 12th.
Market Fundamentals
Malaysia's decision to maintain its 8% export tax on crude palm oil for April, alongside a higher reference price, is seen as a supportive factor. Price also rose, with Dalian's most-active soybean contract rising 1.49%, followed by a nearly 1% gain in Dalian's palm oil contract. Chicago Board of Trade soy oil prices also showed a 0.56% increase.
The interconnectedness of the global vegetable oils market means that price movements in related oils, like soybean oil, directly impact palm oil.
Further, export data remains positive. Independent inspection company AmSpec Agri Malaysia noted an 8.4% rise in Malaysian palm oil product exports for March 1-15 compared to February, with cargo surveyor Intertek Testing Services also reporting a 3.3% increase.
CommoditiesControl Technical View
CommoditiesControl analysts see a bullish trend for the Palm Complex with a "Buy-on-Dips" recommendation. Key support lies at RM 3,900.
Bullish Trend: Buy-on-Dips towards S1 (RM 4,258) or S2 (RM 4,230) / Trend change below RM 3,900.
Stop-loss for bullish trades: below RM 4,150
Profit-booking zones: at RM 4,325 and RM 4,397.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
