Malaysian palm oil futures continued their upward trend, reaching levels not seen in over a year. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose by 101 ringgit, or 2.41%, to 4,296 ringgit ($916.97) during early trade.
Key Points:
Dalian's soyoil contract rose by 2.06%, while its palm oil contract increased by 3.34%. Meanwhile, soyoil prices on the Chicago Board of Trade saw a 0.64% rise.
Palm oil's movement is influenced by related oils as they compete in the global vegetable oils market.
Stronger crude oil futures contribute to palm oil's appeal as a biodiesel feedstock.
Malaysian palm oil stocks hit a seven-month low in February, with a 5% decrease to 1.92 million metric tons. Crude palm oil production dropped by 10.18% to 1.26 million tons, while exports plunged by 24.75%.
India's palm oil imports declined to a nine-month low in February, driven by higher prices favoring rival sunflower oil.
Market Update:
Asian shares remained near seven-month highs, trading mostly sideways as investors awaited clarity on the global interest rate easing cycle.
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