Back Dec 06, 2024

Palm extends gains to second day; set for second weekly gains

* Dalian's most-active soyoil contract DBYcv1 rose 0.58%, while its palm oil contract DCPcv1 slipped 0.04%. Soyoil rose 0.28% at the Chicago Board of Trade.

* Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.

* Malaysia's palm oil inventories are expected to have fallen in November for a second consecutive month as torrential rains disrupted production, a Reuters survey showed.

* Oil prices slipped in early Asian trade, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026.

* Palm oil FCPOc3 is expected to gain further into the 5,202-5,242 ringgit per metric ton range, driven by a wave 5, Reuters technical analyst Wang Tao said.

Source: Reuters

Connect to an Expert X