Palm oil futures ended higher on Monday
Palm oil futures closed higher, with the Bursa Malaysia Derivatives contract for June delivery up 141 ringgit to 4,772 ringgit ($1,184.71) per metric ton. According to analysts at Kenanga Futures, rising prices for competing oils likely improved investor sentiment, while a weaker ringgit could further enhance export competitiveness. Expectations of higher demand in the near future should further support buyer interest, they added.
According to David Ng, a trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd, crude palm oil prices followed rising soybean oil and Chicago crude oil prices during the Asian trading session.
“Recent strong export figures also improved sentiment.” “We see prices supported above RM4,600, with resistance at RM4,750,” Ng added.
According to cargo assessment experts, Malaysian palm oil exports increased by 38.4% to 50.6% month-on-month from March 1 to 25. Full export forecasts for March will be released on Tuesday.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
Join strategic discussions and networking with industry leaders to gain актуальна insights, discover new business opportunities, and build partnerships with key market players.
Read also
COFCO to invest $400 mln in Brazil’s largest soybean crushing complex
Invest in the Best: What Attracts Investors in Agri Today
Seasonal price decline for rapeseed begins in Romania
Wheat prices in the US are rising, but remain stable in Ukraine
Winter wheat crop conditions have worsened in the US
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon