28/03/2023 (Nasdaq), Singapore - Malaysian palm oil futures extended gains on Tuesday to a second session, lifted by stronger Dalian edible oils and overnight gains in crude futures.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange rose 59 ringgit, or 1.6%, to 3,634 ringgit ($827.04) a tonne in early trade.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Mar. 1-25 rose 18.5% compared to shipments during Feb. 1-25, cargo surveyor Societe Generale de Surveillance said on Tuesday.

* Crude prices moved in a narrow range in early Asian trade after rallying more than $3 the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. O/R

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* Dalian's most-active soyoil contract DBYcv1 grew 2.3%, while its palm oil contract DCPcv1inched 2.0% higher. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.1%.

* 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 rise into a range of 3,690-3,773 ringgit per tonne, as it has stabilised around a support of 3,494 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Global stocks and U.S. bond yields rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. MKTS/GLOB

DATA/EVENTS (GMT)

0645 France Business Climate Mfg March

0645 France Business Climate Overall March

1400 US Consumer Confidence March

Bank of Japan Governor Haruhiko Kuroda gives remark at the

FIN/SUM 2023 in Tokyo

1315 - European Central Bank president Christine Lagarde gives speech at opening ceremony of BIS Innovation Hub Eurosystem Centre in Frankfurt

0845 - Governor Andrew Bailey and other Bank of England officials participate in a Treasury Select Committee hearing on Silicon Valley Bank in London

($1 = 4.3940 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-rises-for-second-day-on-stronger-crude-edible-oils