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CPO futures rebound; track strength of rival oils

29 Sep 2022 9:41 am
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Mumbai, 29 Sep (Commoditiescontrol): Palm oil futures opened higher today, reflecting overnight gains in competing oils on CBOT and DCE.

Malaysian palm oil futures rebounded on Thursday after falling to a near 20-month low the previous day, supported by increases in rival Dalian and Chicago soyoil futures.

In early trade, the benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 130 ringgit, or 4.03%, to 3,356 ringgit ($722.81) per tonne. The contract had dropped more than 17% in the preceding five sessions.

Strong cues from the CBOT, DCE and increase in Argentina basis led to firm opening in CPO futures during early Asian trade.

Palm oil prices are influenced by changes in related oils since they compete for a share of the global vegetable oil market.

The most active soyoil contract on Dalian increased 0.59%, while the palm oil contract fell 0.81%. On the Chicago Board of Trade, soyoil prices increased by 0.80%.

On September 28, the Argentina FOB soy oil for October shipment basis was minus 1300 as against the CBOT settlement price of 62.15lb/cent. The discount decreased by by 170 points from the previous day's basis level of minus 1470 in Argentina. That led to a moderate increase in FOB rate to $1083.

Meanwhile, in Brazil, for (November) shipment base level was reported as negative 1250 points and the FOB rate pushed marginally up at $1094.

Commodity funds were net sellers of Chicago Board of Trade soyoil futures 1500 contracts on Wednesday, according to traders.

(By Commoditiescontrol Bureau: +91-22-40015505)

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