Mumbai, 10 Oct (Commoditiescontrol): Malaysian crude palm oil (CPO) futures edged higher on Thursday after two consecutive sessions of losses, supported by gains in rival edible oils, while traders anticipated fresh supply-demand data from the Malaysia Palm Oil Board (MPOB).
The benchmark December CPO contract on the Bursa Malaysia Derivatives Exchange rose by 20 ringgit, or 0.47%, to 4,272 ringgit ($995.34) per metric ton in early trade. This follows a 2.1% decline over the past two sessions.
Contributing to the rally, Dalian’s most-active soyoil contract gained 0.73%, while its palm oil contract advanced 0.83%. In the U.S., soyoil prices on the Chicago Board of Trade also rose by 0.16%. Palm oil closely tracks price movements of rival oils as they compete for a share of the global vegetable oils market.
Investors are awaiting the release of MPOB’s September supply and demand report, which is expected to offer further insights into market trends. Additionally, the ringgit weakened by 0.23% against the U.S. dollar, making palm oil more affordable for foreign buyers.
Crude oil prices, which rose in early Asian trading due to concerns over potential supply disruptions in the Middle East, added further support to the palm oil market. Brent crude futures for December delivery climbed 0.65% to $77.08 per barrel. Stronger crude oil prices often make palm oil more attractive as a biodiesel feedstock.
In technical analysis, palm oil prices are forecast to rebound to 4,293 ringgit per ton after repeatedly testing support at 4,206 ringgit without breaking lower.
(By Commoditiescontrol Bureau: 09820130172)
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