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News Admin
 
Date
 15/09/2020
News Provider
 Nur Aisha Abd. Wahab
News Source
 The Economic Times
Headline
 Palm rises to nearly two-week high on hopes of slower output growth

The Economic Times (14/09/2020) - Malaysian palm oil futures climbed on Monday to their highest in nearly two weeks, tracking strength in rival oils on the Dalian Commodity Exchange and Chicago Board of Trade, and on hopes of a slower-than-expected rise in output.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 71 ringgit, or 2.53%, at 2,882 ringgit ($694.79) a tonne by 0231 GMT, after hitting its highest since Sept. 3 earlier in the session.

The Southern Peninsular Palm Oil Millers Association estimated output during Sept. 1-10 rose 7.8% from a month earlier, slower than its 14.2% growth estimate for Sept. 1-5 production, traders said on Friday.

FUNDAMENTALS

Dalian's most-active soyoil contract gained 2.8%, while its palm oil contract rose 2.91%. Soyoil prices on the Chicago Board of Trade were up 1.36%.

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


Oil prices were mixed with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.

Palm oil may bounce to 2,852 ringgit per tonne, as it failed twice to break a support at 2,794 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

Asian shares started higher as hopes of a coronavirus vaccine were rekindled after AstraZeneca NSE 6.86 % resumed its phase-3 trial while sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.


Read more at:
https://economictimes.indiatimes.com/markets/commodities/news/palm-rises-to-nearly-two-week-high-on-hopes-of-slower-output-growth/articleshow/78104316.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst



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