KUALA LUMPUR, May 25 (Reuters)Malaysian palm oil futures ticked up on Wednesday, extending a three-session climb due to challenges over the resumption of Indonesian exports.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 3 ringgit, or 0.05%, to 6,485 ringgit ($1,476.21) a tonne during early trade, after swinging between slight gains and losses earlier in the session.

FUNDAMENTALS

* India has allowed duty-free imports of 2 million tonnes each of crude soyoil and crude sunflower oil for the current and the next fiscal year to March 2024, a government order said, as part of efforts to keep a lid on local prices.

* Uncertainties over Indonesia’s policy of obligatory domestic sales at a certain price level has hampered the resumption of exports, despite Jakarta lifting a three-week ban on shipments effective Monday.

* Dalian’s most-active soyoil contract DBYcv1 rose 0.8%, while its palm oil contract DCPcv1 gained 1.1%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.2%.

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

* Palm oil may retest a resistance at 6,560 ringgit per tonne, a break could lead to a gain to 6,713 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asia stocks opened mostly in positive territory on Wednesday even as global growth concerns and weak U.S. economic data weighed on Wall Street overnight. MKTS/GLOB

DATA/EVENTS (GMT)

0800 Germany Ifo Business Climate New May

0800 Germany Ifo Current Conditions New May

0800 Germany Ifo Expectations New May

1300 Euro zone finance ministers meet on fiscal rules

reform, banking union in Brussels

($1 = 4.3930 ringgit)

cpohttps://tmsnrt.rs/3Ny3vd6

(Reporting by Mei Mei Chu)

((Meifong.chu@thomsonreuters.com))

Source: Nasdaq

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