VEGOILS-Palm gains 3% as Russian-Ukrainian war prolongs global supply issues

KUALA LUMPUR, April 14 (Reuters)Malaysian palm oil futures jumped 3% early Thursday, following strength in global vegetable oil prices, supported by a still-tight supply outlook as the Russia-Ukraine war rages.

The reference palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 151 ringgits, or 2.46%, to 6,286 ringgits ($1,488.16) a tonne at the start of trading, up for a fourth session in five.


* Argentine grain truck drivers, industry groups and government officials failed to make a breakthrough in talks on Wednesday to end a strike, threatening corn and soybean exports during the key harvest season harvests.

* Price of soybean oil at the Chicago Board of Trade BOcv1 rose 0.7%, extending a 3.5% gain overnight. Dalian’s most active soybean oil contract DBYcv1 rose 1.5%, while its palm oil contract DCPcv1 gained 3%.

* Palm oil is impacted by related oil price movements as they compete for share of the global vegetable oil market.

* Palm oil could test resistance at 6,326 ringgit a tonne, a break above could lead to a gain in the 6,454-6,548 ringgit range, Reuters technical analyst Wang Tao said. TECHNICAL/C


* Asian stocks followed Wall Street higher on Thursday as US Treasury yields stabilized and the dollar retreated as the latest US data raised hopes that inflation could be close to a peak, although several major central banks raised rates aggressively. MKTS/GLOB

* Oil futures fell slightly, after rising sharply in the first half of the week as traders weighed a bigger-than-expected rise in U.S. oil inventories and tighter supply world. OR


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($1 = 4.2240 ringgit)


(Reporting by Mei Mei Chu; Editing by Rashmi Aich)

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