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News Admin
 
Date
 02/09/2020
News Provider
 Siti Safura Masiron
News Source
 www.todayonline.com
Headline
 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.





FUNDAMENTALS



* 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.



 



MARKET NEWS



* 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.





DATA/EVENTS (GMT)



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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