Free Trial

Malaysian Industrial Output Eyed, Palm Oil Extends Rally

MYR

Spot USD/MYR has recouped its marginal opening losses and last trades +15 pips at MYR4.1080, happy to hug a tight range this morning.

  • Palm oil futures extended their surge on Thursday, topping MYR4,000 per a metric ton for the first time since 2008, as worries about global supply continued to mount.
  • PM Muhyiddin expressed willingness to improve ties with United Arab Emirates and said that Petronas will tighten cooperation with Abu Dhabi National Oil Company, while Malaysia will boost palm oil exports to UAE.
  • Should bulls manage to force a break above Mar 10 high of MYR4.1382, topside focus would turn to the 200-DMA at MYR4.1480. Bears keep an eye on the 100-DMA at MYR4.0751 and a break here would open up the 50-DMA at MYR4.0503.
  • Malaysian industrial output & m'fing sales are due later today. The median estimate is for industrial production to print at +1.0% Y/Y, per BBG survey.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.