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 VEGOILS-Palm oil snaps four sessions of gains on lower soyoil, weak exports

02.09.2020 (www.todayonline.com) - KUALA LUMPUR, Sept 2 - Malaysian palm oil futures slipped on Wednesday after four straight sessions of gains, pressured by weakness in rival soybean oil and cargo surveyor data showing a slump in August exports.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slid 12 ringgit, or 0.47%, to 2,771 ringgit ($668.19) a tonne by 0234 GMT.

Palm oil rose 3.2% in intraday trade on Tuesday to touch its highest in nearly seven months.


* Exports of Malaysian palm oil products for August plunged between 13% and 15% from July as shipments to top buyers India and Europe slowed, according to data from cargo surveyors.

* Output in top producer Indonesia this year is seen at 46.02 million tonnes, down from 47.11 million tonnes in 2019, the country's Palm Oil Association said on Tuesday.

* Dalian's most-active soyoil contract fell 0.36%, while its palm oil contract slipped 0.48%. Soyoil prices on the Chicago Board of Trade were down 0.49%.

* 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 2,819 ringgit per tonne, a break above which could lead to a gain to 2,852 ringgit, Reuters technical analyst Wang Tao said.



* Asian shares were set to gain, encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators while the dollar emerged from its recent lows against the euro.


0600 UK Nationwide House Price MM, YY Aug

1400 US Factory Orders MM July

1800 US Federal Reserve issues the Beige Book of economic condition ($1 = 4.1470 ringgit) REUTERS

Read more at https://www.todayonline.com/world/vegoils-palm-oil-snaps-four-sessions-gains-lower-soyoil-weak-exports

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