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News Admin
 
Date
 30/12/2020
News Provider
 Nur Aisha Abd Wahab
News Source
 Today Online
Headline
 VEGOILS-Palm tracks soyoil fall ahead of talks to end Argentine labour strike

Today Online (29/12/2020) - KUALA LUMPUR, Dec 29 - Malaysian palm oil futures slipped for a second consecutive session on Tuesday, tracking a fall in rival soyoil ahead of talks between Argentina's striking workers and soy byproduct manufacturers that seek to resume normal port operations.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 12 ringgit, or 0.34%, to 3,530 ringgit ($871.60) a tonne during early trade.


FUNDAMENTALS


* Fitch Ratings expects crude palm oil (CPO) prices to decline in 2021 on higher supply and assumes they will average $560/tonne over the year, despite some upside risk, such as a strong La Nina weather pattern.


* There are indications that supply and inventory are picking up in top producer Indonesia and high prices are affecting demand from key constituents, such as Indian imports and Indonesian biodiesel, Fitch said in its report.


* An industry group on Monday estimated output in parts of Malaysia declined 15% during Dec. 1 to 25 compared to the previous month, according to traders.


* Argentina's CIARA-CEC chamber of soy byproduct manufacturers will meet on Tuesday with the two main unions representing oilseed workers to try and hammer out a 2021 compensation package.


* Dalian's most-active soyoil contract fell 1%, while its palm oil contract slipped 1.3%. Soyoil prices on the Chicago Board of Trade were down 0.2%.


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


MARKET NEWS


* Asian shares jumped on Tuesday, with Japanese stocks hitting a 30-year high, as hopes that a long-awaited U.S. pandemic relief package would be expanded and a Brexit trade deal supported investor risk appetite. REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-tracks-soyoil-fall-ahead-talks-end-argentine-labour-strike



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