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 VEGOILS-Palm oil rises for third day on supply concerns as Malaysia extends lockdown

26.03.2020 (TODAYonline) - KUALA LUMPUR, March 26 - Malaysian palm oil futures rose for a third session on Thursday as the extension of a coronavirus-driven lockdown in the world's second-largest palm producer deepened supply concerns, although falling demand capped gains.


The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 9 ringgit, or 0.38%, to 2,392 ringgit per tonne in early trade.




* Malaysia on Wednesday extended a two-week virtual lockdown to mid-April, a day after suspending some palm operations as virus cases surge.


* Malaysia's March 1-25 palm oil exports fell between 11.7% and 13.6% on weak demand as an increasing number of countries, including top consumer India, imposed lockdown measures to contain the pandemic, according to data by cargo surveyors.


* Malaysia's relationship with top palm buyer India is expected to improve after India lifted a 5% import duty on the edible oil, Malaysia's commodities minister said on Wednesday.


* Dalian's most-active soyoil contract fell 0.04%, while its palm oil contract gained 1.16%. Soyoil prices on the Chicago Board of Trade were trading down 0.04%.


* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.




* Asian stock markets made a cautious start on Thursday following two days of rallies, as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.




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Read more at https://www.todayonline.com/world/vegoils-palm-oil-rises-third-day-supply-concerns-malaysia-extends-lockdown

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