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News Admin
 
Date
 16/04/2021
News Provider
 Siti Safura Masiron
News Source
 www.todayonline.com
Headline
 VEGOILS-Palm gains 1% on hopes of better exports, higher rival oil prices


15.04.2021 (www.todayonline.com) - KUALA LUMPUR, April 15 - Malaysian palm oil futures rose for a third consecutive session on Thursday, lifted by higher rival soyoil prices and expectations of higher exports.



The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 70 ringgit, or 1.88%, to 3,800 ringgit ($920.77) a tonne during early trade.



Cargo surveyors are scheduled to release April 1-15 exports data later in the day, with the market estimating a 13% monthly rise.



FUNDAMENTALS



* Indonesia's biodiesel makers can export one million kilo litres (KL) biodiesel this year, Paulus Tjakrawan, vice president of Indonesia Biodiesel Producers Association on Wednesday said at the German industrial trade fair, Hannover Messe.



* Dalian's most-active soyoil contract gained 1.3%, while its palm oil contract also rose 1.4%. Soyoil prices on the Chicago Board of Trade were up 0.2%.



* 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 rise into a range of 3,844-3,926 ringgit per tonne, as it has cleared a resistance at 3,761 ringgit, Reuters technical analyst Wang Tao said.



MARKET NEWS



* Asian shares were on the backfoot following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares while the dollar index struggled near one-month lows.



* Oil prices fell, though they held near one-month highs after futures jumped in the previous session as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover.



DATA/EVENTS (GMT)



0130 Australia Employment March



0130 Australia Unemployment Rate March



0600 Germany HICP Final YY March



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



1000 EU Reserve Assets Total March



1230 US Initial Jobless Clm Weekly



1230 US Philly Fed Business Indx April



1230 US Retail Sales MM March



1315 US Industrial Production MM March



($1 = 4.1270 ringgit) REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-gains-1-hopes-better-exports-higher-rival-oil-prices

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