Mumbai, May 14 (Commoditiescontrol): Malaysian palm oil futures opened higher on Friday, driven by strength in rival oils at the Dalian market, and were poised for a weekly gain. The benchmark August contract on the Bursa Malaysia Derivatives Exchange rose 1.13% to 3,849 ringgit ($821.48) per metric ton.
Dalian's most-active soy oil and palm oil contracts increased by 0.54% and 0.37% respectively.
Malaysia maintained its June export tax for crude palm oil at 8% and lowered its reference price to 3,956.06 ringgit per metric ton.
Exports of Malaysian palm oil products for May 1-15 fell by 5.2%, according to Intertek Testing Services.
Soybean harvesting in flood-hit Rio Grande do Sul state reached 85% of the planted area.
Reuters technical analyst Wang Tao suggests palm oil is neutral in a range of 3,787 ringgit to 3,857 ringgit per metric ton.
Asian stocks dipped as traders assessed the U.S. monetary policy path.
Oil prices rose in Asian trading hours, with Brent crude set for its first weekly increase in three weeks.
Traders may look for buying opportunities if prices hold above 3,850 ringgit, targeting 3,925 ringgit with a stop loss at 3,825 ringgit. The Malaysian palm oil market appears to be in a consolidation phase on a daily timeframe.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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