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News Admin
 
Date
 16/10/2020
News Provider
 Siti Safura Masiron
News Source
 www.todayonline.com
Headline
 VEGOILS-Palm oil slips as estimates show drop in October exports


15.10.2020 (www.todayonline.com) - KUALA LUMPUR, Oct 15 - Malaysian palm oil futures fell on Thursday, down for a second straight session, ahead of data later in the day that is likely to show a decline in exports for Oct. 1 to Oct. 15.



The benchmark palm oil contract, for December delivery, on the Bursa Malaysia Derivatives Exchange fell 14 ringgit, or 0.47%, to 2,976 ringgit ($717.80) a tonne by 0255 GMT.



Traders said on Wednesday Malaysian exports are likely to have dipped 2%-3.2% month-on-month during the first two weeks of October. The market is hoping for strong October exports as top buyer India typically stocks up ahead of the Diwali festival.



The cargo surveyors' data is due later in the day.





FUNDAMENTALS



* Countries in the European Union, the world's third-biggest palm buyer, are imposing curfews and closing schools as overwhelmed authorities face the nightmare scenario of a COVID-19 resurgence at the onset of winter.



* Dalian's most-active soyoil contract fell 0.2%, while its palm oil contract slipped 0.1%. Soyoil prices on the Chicago Board of Trade were down 0.06%.



* 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 drop to 2,934 ringgit per tonne, as it failed to break a resistance at 3,022 ringgit, Reuters technical analyst Wang Tao said.



 



MARKET NEWS



* Asian markets had a mixed start on Thursday as hopes of U.S. fiscal stimulus before the election faded and a record number of new COVID-19 infections in parts of Europe propelled investors towards safe-havens such as gold.





DATA/EVENTS (GMT)



0030 Australia Employment, Unemployment Rate Sept



0130 China PPI, CPI YY Sept



0645 France CPI (EU Norm) Final MM, YY Sept



1000 EU Reserve Assets Total Sept



1230 US Inital Jobless Clm Weekly



1230 US Philly Fed Business Indx Oct



1600 Participation by ECB President Christine Lagarde in the online CNBC Debate on the global economy during the IMF/World Bank Annual Meetings



 



($1 = 4.1460 ringgit) REUTERS



 



Read more at https://www.todayonline.com/world/vegoils-palm-oil-slips-estimates-show-drop-october-exports



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