VEGOILS Palm Records Four Days of Gains As Traders Take Profits

KUALA LUMPUR, Dec.27 (Reuters) – Malaysian palm futures fell on Monday as investors posted profits after the contract posted its biggest gain in four and a half months in the previous session and the Data from freight experts showing a drop in exports weighed on sentiment.

The benchmark palm oil contract for March delivery on the Bursa Malaysia derivatives exchange slipped 0.8% to 4,612 ringgit ($ 1,102.29) at the midday break. It jumped 3.8% on Friday, registering its biggest gain since August 11 and the fourth consecutive session of gain.

“The interest gain after last Friday’s surge is likely to draw the palm out,” said a Kuala Lumpur-based trader.

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Malaysian palm oil product exports from Dec. 1 to 25 fell 2.6 percent to 1,306,408 tonnes, from 1,340,778 tonnes shipped in the same period a month earlier, the expert said on Saturday. freight Intertek Testing Services.

Dalian’s soybean oil contract for delivery in May rose 1.87%, while its palm oil contract gained 1.94%. Chicago Board of Trade soybean oil prices for delivery in May rose 0.61%.

Palm oil is affected by fluctuations in the prices of related oils, as they compete for a share of the global vegetable oil market.

Palm oil could break through resistance at 4,676 ringgits per tonne and climb into a range of 4,751 ringgits to 4,812 ringgits, Reuters technical analyst Wang Tao said.

($ 1 = 4.1840 ringgit)

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Reporting by Liz Lee; Editing by Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

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