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U10 - UOB-Kay Hian Holdings News Story

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Sector
Financials
Size
Mid Cap
Market Cap £776.3m
Enterprise Value £1.26bn
Revenue £318.7m
Position in Universe 1028th / 6084

VEGOILS-Palm oil rises for third day tracking stronger crude, soyoil

Tue 23rd February, 2021 6:50am
* Higher crude prices support global edible oils market * Palm output seen recovering - broker (Updates with midday prices, adds quotes) By Mei Mei Chu KUALA LUMPUR, Feb 23 (Reuters) - Malaysian palm oil futures rose 2% on Tuesday, tracking a rally in crude oil and rival edible oils, though expectations for improving production capped gains. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange extended gains for a third consecutive session and rose 70 ringgit, or 1.98%, to 3,614 ringgit ($894.78) a tonne by the midday break. The contract was supported by upward momentum in soyoil futures on the Chicago Board of Trade and Dalian, as well as Dalian's palm olein futures and rapeseed oil futures on the Zhengzhou Commodity Exchange, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. Higher crude prices also boosted global vegetable oil markets in view of further support to biofuels as fossil fuel prices are rapidly surging, Bagani said. Oil prices rose over $1, underpinned by optimism over COVID-19 vaccine rollouts and lower output, making palm a more attractive option for biodiesel feedstock. O/R "UOB Kay Hian estimated Malaysia's Feb. 1-20 palm oil production recovering in the range of 5% to 9%, while the Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated a 15% increase from Jan. 1-20," Bagani added. However, the pace of exports in the same period is slowing. Exports of Malaysian palm oil products from Feb. 1-20 rose 28% from the same period in January, compared with a 38% monthly rise during Feb. 1-15, according to data from cargo surveyor Societe Generale de Surveillance. urn:newsml:reuters.com:*:nAZN00WOBC Dalian's most-active soyoil contract DBYcv1 rose 1%, while its palm oil contract DCPcv1 gained 2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.7%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. ($1 = 4.0390 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ p https://tmsnrt.rs/37CmsZE ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; Editing by Vinay Dwivedi and Rashmi Aich) ((Meifong.chu@thomsonreuters.com)) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))
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