VEGOILS-Palm oil rises for the third day in a row due to supply problems in Indonesia

KUALA LUMPUR, February 8 (Reuters)Malaysian palm oil futures rose for the third straight session on Wednesday, buoyed by fears of tighter Indonesian supply as the world’s largest producer revises its palm oil export quota. webbed.

The reference palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 13 ringgits, or 0.33%, to 3,952 ringgits (about $920) a tonne at the start of trading.


* Indonesia will examine its palm oil export quota ratios amid rising domestic cooking oil prices, the Coordinating Ministry of Maritime Affairs and Investment said on Monday.

* A new European Union law preventing the import of products linked to deforestation risks sideline small farmers who are unable to afford the onerous cost of compliance, the Roundtable on Sustainable Palm Oil (RSPO) said on Tuesday.

* The most active soybean oil contract in Dalian DBYcv1 rose 1.2%, while its palm oil contract DCPcv1 gained 1.1%. Chicago Board of Trade Soybean Oil Price BOcv1 increased by 0.1%.

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

* Oil prices rose, extending the gains of the previous two days, as the dollar fell after Federal Reserve Chairman Jerome Powell appeared less hawkish on interest rates than markets expected had predicted and US crude inventories surprisingly fell. OR

* Stronger crude oil futures make palm a more attractive option for the biodiesel feedstock.


* Asian stocks rose, while the dollar faltered on Wednesday after less hawkish than feared comments from Federal Reserve Chairman Jerome Powell boosted risk appetite and investors hope the central bank can soon ease monetary policy. MKTS/GLOB


No major data/events expected on Wednesday February 8

($1 = 4.2960 ringgit)

(Reporting by Mei Mei Chu; Editing by Savio D’Souza)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button