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Palm oil rises tracking rivals, demand concerns loom

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JAKARTA: Malaysian palm oil futures climbed for a second straight session on Thursday as rival oils rose, although concerns of weak demand capped gains.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 0.7% to 2,663 ringgit ($638.61) by 0233 GMT, extending a 1.2% gain from a day earlier.

The palm price increase may be limited due to concerns about demand, a trader said.

FUNDAMENTALS

Soybean oil contract for January delivery rose 1.8% on the Dalian Commodity Exchange, while its January palm oil contract gained 0.9%. On the Chicago Board of Trade Soyoil prices were up 0.2%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Exports of Malaysian palm oil products for Aug. 1-25 fell to 1,158,013 tonnes, down 16.4% from the same period in July, cargo surveyor Societe Generale de Surveillance said on Wednesday.

Palm oil still targets a range of 2,548-2,577 ringgit per tonne, as suggested by its wave pattern and a projection analysis, Reuters analyst Wang Tao said. Resistance is at 2,654 ringgit, a break above which could lead to a gain into 2,678-2,701 ringgit range.

MARKET NEWS

U.S. soybeans edged higher on Thursday as strong Chinese demand pushed prices to a seven-month high.

Asian shares touched two-year peaks on Thursday in the wake of Wall Street’s record run as cheap cash drove up big-cap tech darlings, although Sino-U.S. tensions caused caution to creep in as the session progressed.

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