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 VEGOILS-Palm rises from 4-week closing low on stronger soyoils, crude

26.08.2020 (www.todayonline.com) - JAKARTA, Aug 26 - Malaysian palm oil futures rose on Wednesday, partially recovering from a four-week closing low hit in the previous session on higher soyoils and crude, although weaker August exports capped gains.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange climbed 0.84% to 2,637 ringgit ($632.83) by 0305 GMT, heading for its first session of gain in four.

* Malaysia's palm oil exports for Aug. 1-25 fell between 14.3% and 16.2% from a month earlier, cargo surveyors said on Tuesday.

* Dalian's soybean oil contract for January delivery gained 0.3%, while its January palm oil contract fell 0.6%. Soyoil prices on the Chicago Board of Trade were up 0.31%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Brent crude edged higher, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks.

* Stronger crude makes palm a more attractive option for biodiesel feedstock.

* Palm oil may fall into a range of 2,548-2,577 ringgit per tonne, as suggested by its wave pattern and a projection analysis, Reuters analyst Wang Tao said.



* Chicago corn futures gained more ground with prices trading near their highest in six weeks, as expectations of strong Chinese demand underpinned the market.

* Asian stocks eased from a two-year high, as a mixed bag of economic data had investors a touch more circumspect about the global recovery. REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-rises-4-week-closing-low-stronger-soyoils-crude

Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
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