* Palm oil ends two days of sharp losses
* March 1-20 exports gain between 5% and 7% -cargo surveyors
* Surge in India’s COVID-19 cases raise demand concerns -broker
(Updates with closing prices)
By Mei Mei Chu
KUALA LUMPUR, March 22 (Reuters) – Malaysian palm oil futures climbed 3% on Monday, snapping a two-day decline, as an uptick in exports during March 1-20 stoked hopes for improving demand.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed up 113 ringgit, or 3.03%, at 3,837 ringgit a tonne.
Palm fell nearly 10% last week.
Exports of Malaysian palm oil products for March 1-20 rose between 5% and 7% from the same period in February, cargo surveyors said on Saturday. data will be March 1-20 palm oil production for which market is looking for a hefty recovery,” said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.
Favourable weather, increased use of fertilizer and surging prices are expected to push Indonesia’s palm oil production and exports to record highs in 2021/22, the U.S. Department of Agriculture’s Foreign Agricultural Service post in Jakarta said in a report on Saturday. top buyer, India, a sudden increase in new coronavirus infections have led to the reimposition of containment measures, cautioning market participants over a possible dent in vegetable oil demand ahead of Ramadan, Bagani said. oil demand typically increases in the two months before the Muslim festival of Ramadan, set to begin on April 13 this year.
Dalian’s most-active soyoil contract DBYcv1 fell 0.04%, while its palm oil contract DCPcv1 gained 1.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.5%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may retreat to 3,492 ringgit before retesting a resistance at 4,141 ringgit per tonne next quarter, Reuters technical analyst Wang Tao said. TECH/C
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