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News Admin
 
Date
 02/10/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 Reuters
Headline
 VEGOILS-Palm oil tracks strength in U.S. soyoil prices, up 1.7%


Reuters (01/10/2020) JAKARTA, Oct 1 (Reuters) - Malaysian palm oil futures rose 1.7% on Thursday, tracking gains in soyoil on the Chicago Board of Trade (CBOT) following a United States Department of Agriculture (USDA) report that showed stockpiles were lower than expected.


The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained to 2,714 ringgit ($655.08) a tonne in early trade.



A Kuala Lumpur trader said the contract tracked overnight CBOT gains after the USDA’s quarterly stocks report.



Soybean futures on the CBOT were up 0.8% at $10.31-3/4 a bushel, having firmed 3.1% on Wednesday when prices hit a Sept. 22 high of $10.34-3/4 a bushel.



CBOT’s soyoil contract was last up 0.5%.



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



Separately, the U.S. Customs and Border Protection (CBP) banned Malaysian palm oil producer FGV Holdings Bhd’s products after a year-long investigation that the agency alleges showed abuse, deception, physical and sexual violence, intimidation and the keeping of identity documents.



But this had little affect on prices, the trader said, as buyers can “import from other plantations”.



FUNDAMENTALS



* Palm oil FCPOc3 may end its fall around a support at 2,673 ringgit per tonne, as suggested by a projection analysis, Reuters technical analyst Wang To said.



MARKET NEWS



* Global shares tried to extend gains on Thursday on renewed hopes for fresh U.S. stimulus measures, but mounting uncertainty ahead of America’s presidential election and technical problems in Japan kept gains in check.



DATA/EVENTS (GMT) 0500 India IHS Markit Mfg PMI Sept 0615 India Cash Reserve Ratio, Repo Rate Oct 1 0750 France Markit Mfg PMI Sept 0755 Germany Markit/BME Mfg PMI Sept 0800 EU Markit Mfg Final PMI Sept 0830 UK Markit/CIPS Mfg PMI Final Sept 0900 EU Unemployment Rate Aug 1230 US Consumption Adjusted MM Aug 1230 US Initial Jobless Clm Weekly 1345 US Markit Mfg PMI Final Sept 1400 US ISM Manufacturing PMI Sept ($1 = 4.1430 ringgit) (Reporting by Fathin Ungku; editing by Uttaresh.V)



Read more at https://uk.reuters.com/article/asia-vegoils/vegoils-palm-oil-tracks-strength-in-us-soyoil-prices-up-17-idUKL4N2GS0Q4




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