PALM NEWS MALAYSIAN PALM OIL BOARD Thursday, 09 Apr 2026

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MARKET DEVELOPMENT
VEGOILS-Palm oil climbs on stronger rival oils, weaker ringgit
calendar30-03-2020 | linkYahoo News | Share This Post:

Yahoo News (30/03/2020) - KUALA LUMPUR, March 30 (Reuters) - Malaysian palm oil futures rose on Monday, tracking higher edible oil prices and a weaker ringgit, but demand concerns capped gains as top buyer India has imposed a national lockdown due to the coronavirus pandemic.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange climbed 42 ringgit, or 1.77%, to 2,420 ringgit ($555.94) per tonne during early trade, gaining for a second straight session.

Palm had firmed 1.64% last week, its third weekly gain, on worries over disruption in supply as Malaysia enforced a one-month restricted movement order and instructed some plantations to shut down due the coronavirus.
FUNDAMENTALS

* India's Prime Minister Narendra Modi has locked down the country for three weeks to contain the virus, shutting down Asia's third-largest economy and delaying discharge of edible oil imports at the ports.

* Dalian's most-active soyoil contract gained 0.81%, while its palm oil contract jumped 2.7%. Soyoil prices on the Chicago Board of Trade were up 0.04%.

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

* The ringgit, palm's currency of trade, fell 0.46% against the dollar, making the edible oil cheaper for holders of foreign currency.

MARKET NEWS

* Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks' best efforts.

DATA/EVENTS

0900 EU Consumer Confid. Final March

1200 Germany CPI Prelim YY March

1200 Germany HICP Prelim YY March

($1 = 4.3530 ringgit) (Reporting by Mei Mei Chu; Editing by Vinay Dwivedi)

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