VEGOILS-Palm oil rallies for ninth day to hit 13-yr peak on crude, rivals strength
15.03.2021 (in.investing.com) - KUALA LUMPUR, March 15 (Reuters) - Malaysian palm oil futures hit a more than 13-year high on Monday, as the market rallied for a ninth straight session, lifted by a jump in crude and rival edible oils due to tightening global supplies.
The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.41%, to 4,142 ringgit ($1,007.30) a tonne during early trade, its highest since March 4, 2008.
Palm is also set for its longest consecutive daily rising streak in nearly 19 years.
Investors are now awaiting cargo surveyors to announce March 1-15 export data but shipments are expected to remain slow amid lower stockpile and output. India's palm oil imports fell 27% in February from a year earlier to their lowest in nine months, a leading trade body said on Friday, reflecting a slowdown in domestic demand. Dalian's most-active soyoil contract DBYcv1 rose 0.4%, while its palm oil contract DCPcv1 gained 0.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.3%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Oil prices edged up, with Brent drifting near $70 a barrel, making palm a more attractive option for biodiesel feedstock. O/R
* Palm oil may retreat into a range of 4,008 ringgit to 4,048 ringgit per tonne before resuming its uptrend, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Global stock prices were off to a solid start while U.S. bond yields hovered near a 13-month peak on Monday as investors bet U.S. economic growth will accelerate after the passing of a massive stimulus package. MKTS/GLOB
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY Feb
0200 China Industrial Output YY
Feb
0200 China Retail Sales YY
Feb
1100 EU
Reserve Assets Total
Feb
1400 Euro zone finance ministers meet
($1 = 4.1120 ringgit)