BMLpL

Bank of America Corporation Bank of America Corporation Depositary Shares (Each representing a 1/120

20.3800
USD
-0.97%
20.3800
USD
-0.97%
18.4500 25.9300
52 weeks
52 weeks

Mkt Cap 105.98B

Shares Out 5.20B

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VEGOILS-Palm rises as traders seek details on Indonesia's domestic sales policy

Updates with midday prices, adds quotes KUALA LUMPUR, May 23 (Reuters) - Malaysian palm oil futures rose on Monday, tracking gains in rival oils, while traders awaited further details on Indonesia's domestic sales policy that would keep global supply tight. The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange climbed 102 ringgit, or 1.67%, to 6,211 ringgit ($1,416.10) a tonne by the midday break, extending gains to a second session. Top producer Indonesia reopened exports of crude palm oil and some derivatives on Monday after a three-week ban, but returned to a domestic sales requirement aimed at ensuring a domestic supply of 10 million tonnes. "The latest policy will reduce Indonesia's palm oil supply in the global market but more palatable than the entire shipments being banned," Public Investment Bank said in a note. The multiple policies are expected to cause more volatility to crude palm oil prices, it added. Indonesia's resumption of exports will not blunt Malaysia's competitiveness in exporting the edible oil, the Malaysian commodities minister said on Sunday, pointing to the rival's loss of sales in India. Palm oil exports from Malaysia during May 1-20 rose between 28% and 32.6% from the same week in April, cargo surveyors said last week. Production during May 1-15 was seen down 26% from the month before, traders said, citing data from the Southern Peninsula Palm Oil Millers' Association. In related oils, Dalian's most-active soyoil contract DBYcv1 rose 1.6%, while its palm oil contract DCPcv1 gained 2.2%. 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 retest a resistance at 6,354 ringgit per tonne, as the bounce from the May 20 low of 5,925 ringgit looks incomplete, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.3860 ringgit) (Reporting by Mei Mei Chu; editing by Uttaresh.V and Subhranshu Sahu) ((Meifong.chu@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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