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News Admin
 
Date
 31/12/2020
News Provider
 Nur Aisha Abd Wahab
News Source
 Today Online
Headline
 VEGOILS-Palm rises for second day; firmer ringgit, cheaper U.S. soyoil cap gains

Today Online (30/12/2020) - SINGAPORE, Dec 30 - Malaysian palm oil futures edged higher for a second day, tracking higher prices of rival vegetable oils on the Dalian Commodity Exchange rose, although the gains were capped due to a stronger ringgit and cheaper U.S. soyoil.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 7 ringgit, or 0.2%, to 3,557 ringgit ($880.88) a tonne during early trade. It rose 0.2% in the previous session.


"Palm oil is tracking gains on the Dalian but firm ringgit and U.S. soyoil (have) capped gains," a Kuala Lumpur-based trader told Reuters.


Dalian's most-active soyoil contract rose 1.2%, while its palm oil contract jumped 1.4%.


Soyoil prices on the Chicago Board of Trade, however, fell 0.9% after Argentina's soy crushing companies signed a contract with the country's oilseed workers unions, ending a 20-day strike over wages that had paralyzed exports.


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


Meanwhile, the ringgit rose 0.3% against the dollar on Wednesday, making Malaysian palm oil more expensive for holders of foreign currencies.


FUNDAMENTALS


* Oil prices gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and expectations of global economic recovery lifted hopes for higher fuel demand.


* Asian shares retreated on Wednesday as investors cashed in on a recent rally, while the euro flirted with highs not seen in more than 2-1/2 years on as hopes of a gradual global economic recovery supported demand for riskier currencies.


DATA/EVENTS (GMT) 0700 UK Nationwide House Price MM, YY Dec REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-rises-second-day-firmer-ringgit-cheaper-us-soyoil-cap-gains



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