11/07/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures rebounded on Wednesday, lifted by robust demand for the commodity and tracking higher rival soyoil prices.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 35 ringgit, or 0.9%, to 3924 ringgit during early trade.

FUNDAMENTALS

* Exports from Malaysia during the July 1-10 period rose between 18.7% and 26.1%, data from cargo surveyors Amspec Agri and Intertek Testing Services showed on Monday, as demand from key consumer China grew.

* Dalian's most-active soyoil contract DBYcv1 rose 0.2%, while its palm oil contract DCPcv1 fell 0.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1%.

* 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 3,978 ringgit per metric ton, as suggested by its wave pattern and a projection analysis, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian shares nudged higher and the dollar was at a two-month low on Wednesday ahead of crucial U.S. inflation data that will help gauge whether the Federal Reserve is at the end of its aggressive rate hike policy. MKTS/GLOB

DATA/EVENTS (GMT)

1230 US Core CPI MM, SA; YY, NSA June

1230 US CPI MM, SA; YY, NSA June

1230 US CPI Wage Earner June

1800 US Federal Reserve issues the Beige Book

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-closes-1-higher-on-firm-demand-tepid-stocks