Palm extends gains to third session on firm rival Dalian, weak ringgit
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained RM44, or 0.97 per cent, to RM4,603 (US$1,089.73) a metric ton in early trade.
Dalian's palm oil contract rose 1.15 per cent, while its most-active soyoil contract added a marginal 0.07 per cent. Soyoil on the Chicago Board of Trade (CBOT) fell 0.32 per cent.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Oil prices slipped in early Asian trade as market participants contemplated the planned three-way talks among Russia, Ukraine and the US to end the war in Ukraine, which could lead to a lifting of sanctions on Russian crude.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
The ringgit, palm's currency of trade, weakened 0.09 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Cargo surveyors estimated August 1-15 palm oil exports to have risen between 16.5 per cent and 21.3 per cent.
Palm oil may retrace toward RM4,542 per metric ton as suggested by its wave pattern and a rising trendline, Reuters technical analyst Wang Tao said.
Stocks in Asia and oil prices edged lower on Tuesday before a key meeting of central bankers and as traders evaluated promising diplomatic signals toward ending hostilities between Russia and Ukraine.
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