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News Admin
 
Date
 01/10/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 Today Online
Headline
 VEGOILS-Palm heads for monthly drop as rival oils fall



Today Online (30/09/2020) JAKARTA, Sept 30 - Malaysian palm oil fell for a second day on Wednesday and was set to end September with a small decline, as it tracked the drop in vegetable oil trade in China just before a week-long holiday.


The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange dropped 1.7% to 2,730 ringgit ($657.36) a tonne on early trade. It is set to post a narrow loss for the month, if the decline sustains throughout the day.



Traders in China are closing their positions on the last trading day before the country celebrates the Golden Week holiday, dragging markets down despite palm oil supply concerns, a trader said.



FUNDAMENTALS



* Dalian's soyoil contract for January delivery fell 2.4% and its palm oil contract lost 3%. The CBOT soyoil contract for December delivery dropped nearly 1%.



* 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 fall into a range of 2,673-2,718 ringgit per tonne, as it could have completed a bounce triggered by the support at 2,718 ringgit, Reuters technical analyst Wang Tao said.



* Malaysia's largest palm oil producing state of Sabah will allow one district to resume operations it had ordered closed for two weeks in a bid to rein in the coronavirus, an industry group said.



MARKET NEWS



* Chicago Board of Trade soybean futures closed mostly lower on Tuesday, pressured by favorable harvest weather in the U.S. Midwest and an apparent slowdown in export demand from China, traders said.



* Asian shares slipped and the dollar was under pressure on Wednesday in the lead up to the first U.S. presidential debate, as financial markets looked to take a measure of both candidates.



DATA/EVENTS (GMT)



0100 China NBS Manufacturing PMI Sept



0130 Australia Building Approvals Aug



0145 China CaixinMfg PMI Final Sept



0600 UK GDP QQ, YY Q2



0600 UK Nationwide House Price MM, YY Sept



0645 France CPI (EU Norm) Prelim YY Sept



0855 Germany Unemployment Chg, Rate SA Sept REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-heads-monthly-drop-rival-oils-fall



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