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News Admin
 
Date
 12/01/2021
News Provider
 Nur Aisha Abd Wahab
News Source
 Today Online
Headline
 VEGOILS-Palm oil slips to one-week low as Jan exports plunge

Today Online (12/01/2021) - KUALA LUMPUR, Jan 12 - Malaysian palm oil futures fell 1% on Tuesday, dropping to a one-week low on weak January exports so far and tracking deep losses in rival Dalian oils.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 44 ringgit, or 1.16%, to 3,753 ringgit a tonne during early trade, its second straight day of loss.


FUNDAMENTALS


* Exports of Malaysian palm oil products for Jan. 1-10 fell 29.7% to 278,450 tonnes from the same period in December, cargo surveyor Societe Generale de Surveillance said.


* Malaysia's palm oil imports in December soared 150% to a record 282,058 tonnes to cope with rising outflow of crude palm oil after a six-month tax exemption and low output, according to Malaysian Palm Oil Board data on Monday.


* Dalian's most-active soyoil contract and its palm oil contract slumped 2%. Soyoil prices on the Chicago Board of Trade were up 0.07%.


* 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 break a resistance at 3,835 ringgit per tonne and rise to 3,883 ringgit, as suggested by its wave pattern and a projection analysis, Reuters technical analyst Wang Tao said.


MARKET NEWS


* Asian stocks were mostly lower on Tuesday, tracking Wall Street declines as political turmoil in Washington and rising coronavirus cases worldwide weighed on sentiment ahead of the start of the quarterly earnings season.


DATA/EVENTS (GMT)


1200 India CPI Inflation YY Dec


1500 US JOLTS Job Openings Nov REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-oil-slips-one-week-low-jan-exports-plunge



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