[ Back ]     [ Comments ]     [ Print ]

News Admin
 
Date
 27/03/2020
News Provider
 Siti Safura Masiron
News Source
 Today Online
Headline
 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.



 



FUNDAMENTALS



 



* 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.



 



MARKET NEWS



 



* 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.



 



DATA/EVENTS



 



0700 UK Retail Sales MM, YY Feb



 



0700 UK Retail Ex-Fuel Sales MM Feb



 



0745 France Business Climate Mfg March



 



1200 UK BOE Bank Rate March



 



1200 UK GB BOE QE Corp March



 



1230 US GDP Final Q4



 



1230 US Initial Jobless Claims Weekly REUTERS



 



 



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




ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533