Tuesday saw a third straight session of gains for Malaysian palm oil futures, driven by short covering and strengthening in Chicago soyoil after earlier in the day that saw indecisive trade. On the Malaysian Securities and Derivatives Exchange, the standard palm oil contracts FCPOc3 for June deliveries increased by 41 ringgit, or 0.96%, to close at 4,308 ringgit ($906.57) per metric ton. On Tuesday, the contract fluctuated in value between 4,224 and 4,308 ringgit. According to a trader based in Kuala Lumpur, short covering caused the contract to rise in the afternoon session because “prices were holding reasonably well at 4,250 ringgit levels throughout the second session.”

The contract is also being supported by strength in West Texas Intermediate (WTI) and Chicago soyoil as well as a lower ringgit, the trader said. At 0912 GMT, WTI crude futures for May increased by $1.30, or around 1.6%, to $85.01. Palm oil is more appealing as a feedstock for biodiesel when the crude oil is stronger. March saw a ten-month low for India's imports of palm oil at 481,000 tons, as the country's largest purchaser of vegetable oil increased imports of sunflower oil despite falling prices, according to dealers.

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Malaysian Palm Oil Exports Increase, Prices Impacted by Global Market

Intertek Testing Services, AmSpec Agri Malaysia, and Societe Generale de Surveillance (SGS), cargo surveyors, reported that exports of Malaysian palm oil products increased by 11.77% to 29.2% in March. On the Dalian Commodity Exchange, the palm oil contract DCPcv1 increased by 0.56% and the soy oil contract DBYcv1 gained 0.51%. The Chicago Board of Trade BOc2 saw a 1.39% increase in soybean prices. Since related oils compete with one another for market share in the worldwide vegetable oils industry, palm oil is impacted by changes in price. According to Reuters technical expert Wang Tao, palm oil has momentarily broken above a declining channel and could now increase into an assortment of 4,294 to 4,326 ringgit per ton.

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