The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 8 ringgit, or 0.34%, at 2,348 ringgit ($536.93) per tonne, as of 0239 GMT.(1039 Malaysian time)
Palm fell 2.6% in the previous session on deepening worries over a plunge in global demand as more countries are under shutdown orders to curb the spread of the coronavirus pandemic.
* Crude oil futures jumped nearly 5% in early trading on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war. Stronger crude oil futures make palm a more appealing option for biodiesel feedstock.
* The ringgit, palm's currency of trade, fell 0.7% against the dollar, making the edible oil cheaper for holders of foreign currency.
* China's ports and shipping firms are bracing for a deeper and more prolonged supply chain disruption in the world's second-largest palm buyer as the global spread of the virus chokes international demand.
* Dalian's most-active soyoil contract and its palm oil contract both slipped 0.6%. Soyoil prices on the Chicago Board of Trade firmed 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 is biased to break a support at 2,327 ringgit per tonne, and fall towards 2,253 ringgit, Reuters technical analyst Wang Tao said.
* Asian equities fell for a second session on Thursday, after a dire warning about the U.S. coronavirus death toll had investors looking to the safety of dollars and bonds and bracing for more bad news from U.S. jobless figures. - Reuters
Did you find this article insightful?
80% readers found this article insightful