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News Admin
 
Date
 08/09/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 Today Online
Headline
 VEGOILS-Palm oil gains nearly 2% on stronger soyoil, weaker ringgit


08.09.2020 (www.todayonline.com) - KUALA LUMPUR, Sept 8 - Malaysian palm oil futures rose on Tuesday, supported by a weaker ringgit and tracking sharp gains in rival soybean oil as the Chicago Board of Trade resumed trading after a long weekend.


 


The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 52 ringgit, or 1.85%, to 2,856 ringgit ($685.88) a tonne by 0232 GMT, snapping two straight sessions of losses.


Market participants are now waiting for supply and demand data from the Malaysian Palm Oil Board on Thursday.


 


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FUNDAMENTALS


 


* Malaysian production last month likely rose 2% from July to 1.84 million tonnes, while stockpile gained 5% to 1.79 million tonnes, a Reuters survey showed on Friday.


 


* Palm oil imports into the European Union and Britain in the 2020/21 season stood at 1.17 million tonnes, up 6% from the previous season, official EU data showed on Monday.


 


* The ringgit, palm's currency of trade, fell 0.22% against the dollar, making the edible oil cheaper for holders of foreign currency.


 


* Dalian's most-active soyoil contract rose 2.07%, while its palm oil contract gained 1.5%. Soyoil prices on the Chicago Board of Trade were up 1.73%. U.S. markets were closed on Monday for a holiday.


 


* 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 break a support at 2,794 ringgit per tonne, and fall to 2,758 ringgit, as a temporary top has formed at the Sept. 3 high of 2,902 ringgit, Reuters technical analyst Wang Tao said.


 


MARKET NEWS


 


* U.S. stock futures and Asian shares regained some footing on Tuesday following a small bounce in European shares as investors looked to whether high-flying U.S. tech shares could recover from their recent rout.


 


DATA/EVENTS (GMT)


 


0900 EU GDP Revised QQ, YY Q2


 


1900 US Federal Reserve issues Consumer Credit for July ($1 = 4.1640 ringgit) REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-oil-gains-nearly-2-stronger-soyoil-weaker-ringgit


ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
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