JAKARTA, Feb 20 (Reuters) – Malaysian palm oil futures had been set for a 3rd straight session of positive factors on Monday, monitoring power in rival edible oils on the Dalian commodity change.
The benchmark palm oil contract FCPOc3 for Could supply rose 0.75% to 4,162 ringgit ($939.50) per tonne in early commerce, after gaining 5.11% within the final two classes.
FUNDAMENTALS
* Dalian’s most-active soyoil contract DBYv1 gained 0.88%, whereas its palm oil contract DCPv1 rose 1.06%. The Chicago Board of Commerce was closed for a public vacation.
* Palm is affected by worth actions in associated oils as they compete for a share within the international vegetable oils market.
* The ringgit, palm’s foreign money of commerce, was buying and selling close to its weakest stage in opposition to the U.S. greenback in practically two months. A weaker ringgit makes palm oil extra engaging to international foreign money holders.
* Palm oil might retest a resistance zone of 4,155-4,196 ringgit per tonne, most likely after a average consolidation within the slender vary of 4,083-4,155 ringgit, stated Reuters technical analyst Wang Tao. TECH/C
MARKET NEWS
* Asian shares bought off to a subdued begin as a U.S. vacation made for sluggish buying and selling forward of minutes of the final Federal Reserve assembly and a studying on core inflation that might add to the chance of rates of interest heading increased for longer. MKTS/GLOB
* Oil costs had been little modified in early Asian commerce, after settling down $2 a barrel on Friday, as rising provides in the USA and forecasts of extra rate of interest hikes cooled optimism over China’s demand restoration. O/R
DATA/EVENTS (GMT)
0115 China Mortgage Prime Charge 1Y, 5Y Feb
1500 EU Client Confid. Flash Feb
($1 = 4.4300 ringgit)
(Reporting by Fransiska Nangoy; Modifying by Subhranshu Sahu)
((Fransiska.Nangoy@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.