Crude Palm Oil Weekly Report – March 31, 2018

Palm oil output typically sees seasonal gains around the second quarter of the year before peaking in the third quarter.

The Malaysian currency rose as much as 0.53 per cent against the dollar to 3.8550, highest since April 2016, bolstered by high oil prices and portfolio inflows.

It was last up 0.35 per cent at 3.8620 per dollar on Wednesday evening for a third consecutive sessions of gains but was down 0.1 per cent at 3.8660 per dollar on Thursday evening, after rising to its highest in nearly two years in the previous session.

Spot ringgit appreciated 1.3 per cent to 3.8620 against the US dollar, compared to 3.9130 on last Friday. The dollar stalled against its peers on Friday as the recovery seen earlier petered out ahead of the new quarter, which could potentially bring renewed pressure on the greenback. Technical analysis

According to the FCPO daily chart, FCPO went on a three-straight session of declines, but ended the losing spree on Friday due to technical buying.

On Monday, FCPO ended at 2,434, eight points higher than the previous close of 2,426, with a traded volume of 14,127.

On Tuesday, FCPO ended at 2,431, three points lower than the previous close of 2,434, with a traded volume of 19,955.

On Wednesday, FCPO ended at 2,417, 14 points lower than the previous close of 2,431, with a traded volume of 13,604.

On Thursday, FCPO ended at 2,404, 13 points lower than the previous close of 2,417, with a traded volume of 17,516. Major fundamental news this coming week

ITS and SGS reports will be released on March 30.