13/02/2023 (Nasdaq), Jakarta - Malaysian palm oil futures rebounded on Monday, helped by higher exports and stronger rival oils, while market participants monitored Indonesian exports policy.

The benchmark palm oil contract FCPOc3 for April delivery rose 0.61% to 3,955 ringgit ($908.99) per tonne in early trade, after two days of losses.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Feb. 1-10 rose 39.3% from Jan. 1-10, cargo surveyor Intertek Testing Services said on Saturday, while independent inspection company AmSpec Agri Malaysia said on Friday rose 32.51%.

* Malaysia's palm oil inventories at end-January rose for the first time in three months, up 3.27% from the month before to 2.27 million tonnes, according to Malaysia Palm Oil Board (MPOB) data.

* Indonesia said last week it would review its palm oil export quota ratios amid rising prices of cooking oil at home.

* Dalian's most-active soyoil contract DBYcv1 gained 1.01%, while its palm oil contract DCPv1 rose 0.71%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.45%.

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

* Oil prices eased after rising 2% in the previous session, as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States. O/R

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

MARKET NEWS

* Asian shares slid and the dollar rose, as investors hunkered down for U.S. inflation data that could jolt the outlook for interest rates globally, while accelerating or reversing the recent spike in bond yields. MKTS/GLOB

DATA/EVENTS (GMT)

No major data/events expected on Monday, Feb. 13

($1 = 4.3510 ringgit)

Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-opens-higher-on-higher-exports-stronger-rival-oils