VEGOILS — Palm oil extends gains to third day, tracking crude oil and Dalian
JAKARTA, Oct 14 (Reuters) — Malaysian palm oil futures extended gains for a third straight session on Wednesday, supported by stronger crude oil prices and firmer rival edible oils on the Dalian market. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 27 ringgit, or 0.58%, to 4,709 ringgit ($1,153.94) a metric ton in early trade. Fundamentals Oil prices climbed on Wednesday as traders weighed supply risk from fighting between Yemen's Iran-allied Houthis and Saudi Arabia against the prospect of increased diesel from Russia. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Dalian's most-active soyoil contract rose 0.65%, while its palm oil contract gained 0.92%. Soyoil prices on the Chicago Board of Trade were up 0.21%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Malaysia's palm oil stockpiles in September surged to 3.51 million metric tons as production hit an all-time high, surpassing market expectations and reaching levels that were once thought impossible. Cargo surveyors estimated that exports of Malaysian
JAKARTA, Oct 14 (Reuters) — Malaysian palm oil futures extended gains for a third straight session on Wednesday, supported by stronger crude oil prices and firmer rival edible oils on the Dalian market. 94) a metric ton in early trade. Fundamentals Oil prices climbed on Wednesday as traders weighed supply risk from fighting between Yemen's Iran-allied Houthis and Saudi Arabia against the prospect of increased diesel from Russia. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
92%. 21%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. 51 million metric tons as production hit an all-time high, surpassing market expectations and reaching levels that were once thought impossible.
7% from a month earlier. 08% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. Palm oil may retest a resistance at 4,766 ringgit per metric ton, a break above which could lead to a gain into the 4,799-4,820 ringgit range, Reuters technical analyst Wang Tao said. TECH/C Market News Asian shares inched higher on Wednesday as those related to artificial intelligence found respite after a selloff, while any gain was tempered by elevated oil prices and caution ahead of US inflation data later in the global day.
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