(Updates with midday break prices, trader’s comment)
KUALA LUMPUR, March 16 (Reuters) - Malaysian palm oil futures rose for a fourth straight session on Monday, tracking stronger Dalian palm olein and strength in crude oil prices.
The benchmark palm oil contract (FCPOc3) for June delivery on the Bursa Malaysia Derivatives Exchange gained 85 ringgit, or 1.86%, to 4,657 ringgit ($1,184.99) a metric ton by the midday break.
Crude palm oil futures were buoyed by strong gains in Dalian palm olein, which during the morning Asian session traded at its highest level since June 2022, a Kuala Lumpur-based trader said.
“The market was also supported by firmer crude oil prices,” the trader added.
Dalian’s most-active soyoil contract (DBYcv1) rose 0.34%, while its palm oil contract (DCPcv1) added 2.52%. Soyoil prices on the Chicago Board of Trade (BOcv1) were down 0.95%.
Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Crude oil prices rose as investor focus returned to threats facing Middle East oil facilities, despite U.S. President Donald Trump’s call for nations to help safeguard the Strait of Hormuz, a vital artery for global energy shipments. (O/R)
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for March 1-15 rose 43.5% from a month earlier. AmSpec Agri Malaysia’s estimates will be released later in the day.
The ringgit (MYR=) , palm’s currency of trade, strengthened 0.15% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
Indonesia’s senior economic minister said that the country may impose additional taxes on certain commodities, such as palm oil, if the government needs to reduce the impact of rising global oil prices on the budget.
Palm oil may test support at 4,494 ringgit per metric ton, after failing twice to break resistance at 4,612 ringgit, Reuters technical analyst Wang Tao said. (TECH/C) ($1 = 3.9300 ringgit)
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VEGOILS-Palm rises on strong Dalian palm olein, crude oil prices