Today Online (10/09/2020) KUALA LUMPUR, Sept 10 - Malaysian palm oil futures edged higher on Thursday on hopes of stronger September exports, although investors traded cautiously ahead of official supply and demand data due later in the day.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 9 ringgit, or 0.32%, at 2,823 ringgit ($677.79) a tonne during 0236 GMT, after falling 2% in the previous session.
The Malaysian Palm Oil Board is scheduled to announce August supply and demand data today. Cargo surveyors are also expected to release Sept. 1-10 export estimates.
A Reuters survey last week forecast August production rising 2% to 1.84 million tonnes as exports slumped.
The market is expecting Sept. 1-10 exports from Malaysia to increase around 13% from the month before, according to traders.
* Dalian's most-active soyoil contract fell 0.26%, while its palm oil contract slipped 0.51%. Soyoil prices on the Chicago Board of Trade were down 0.09%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Oil futures fell in early trade, paring overnight gains, on worries about fuel demand after data showed U.S. crude stockpiles rose last week, rather than dropping as expected, and as COVID-19 cases continued to rise around the world.
* Palm oil may fall into a range of 2,758-2,794 ringgit per tonne, as suggested by its wave pattern and a projection analysis, Reuters technical analyst Wang Tao said.
* Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.
1145 EU ECB Refinancing Rate Sept
1145 EU ECB Deposit Rate Sept
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Governing Council of the ECB holds
monetary policy meeting in Frankfurt ($1 = 4.1650 ringgit) REUTERS
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