MARKET DEVELOPMENT
VEGOILS-Palm oil hits record high as Russia-Ukraine crisis disrupts supply
VEGOILS-Palm oil hits record high as Russia-Ukraine crisis disrupts supply
28.02.2022 (www.nasdaq.com) - KUALA LUMPUR, March 1 (Reuters) - Malaysian palm oil futures jumped over 3% to a record peak on Tuesday, as Russia's invasion of Ukraine disrupted supply of sunflower oil, grains, and crude, sending prices of global commodities into an upward spiral.
The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange gained 200 ringgit, or 3.18%, to 6,499 ringgit ($1,549.59) during early trade, rising for a eighth in nine session.
FUNDAMENTALS
* Russia's invasion of Ukraine is expected to halt the processing and export of Ukrainian oilseed crops for at least one month, curbing flows of sunflower seed to the European Union, consultancy Strategie Grains said.
* Ukrainian ports will remain closed until Russia's invasion ends, the head of Ukraine's Maritime Administration said on Monday, adding that the port of Mariupol has sustained damage from Russian shelling.
* Dalian's most-active soyoil contract DBYcv1 vaulted 4.7%, while its palm oil contract DCPcv1 gained 4.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 2.4%.
* Malaysia's palm oil exports in February rose between 7.2% and 9.6% from January, cargo surveyors said on Monday.
* Palm oil may retest a resistance at 6,488 ringgit per tonne, a break above which could lead to a gain to 6,562 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* The Russian ruble hit record lows, while world stocks slid and oil prices jumped, after the West ramped up sanctions against Moscow over its invasion of Ukraine, including blocking Russian banks from the SWIFT global payments system. MKTS/GLOBO/R
DATA/EVENTS (GMT)
0330 Australia RBA Cash Rate March
0850 France Markit Mfg PMI Feb
0855 Germany Markit/BME Mfg PMI Feb
0900 EU Markit Mfg Final PMI Feb
0930 UK Markit/CIPS Mfg PMI Final Feb
1300 Germany CPI, HICP Prelim YY Feb
1445 US Markit Mfg PMI Final Feb
1500 US ISM Manufacturing PMI Feb
($1 = 4.1940 ringgit)
(Reporting by Mei Mei Chu; Editing by Rashmi Aich)