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 Nur Aisha Abd.Wahab
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 Today Online
 VEGOILS-Palm oil falls for second straight day tracking rival soyoil

Today Online (20/04/2021) - KUALA LUMPUR, April 20 - Malaysian palm oil futures slipped for a second consecutive session on Tuesday, tracking weaker rival soyoil, in cautious trading ahead of April 1-20 export data.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 19 ringgit, or 0.51%, to 3,691 ringgit ($896.53) a tonne during early trade.

Investors are awaiting cargo surveyors to release export data later in the day, and are expecting shipments during April 1-20 to maintain the 13%-15% monthly rise logged during the first half of the month.

However, a worsening coronavirus outbreak in India, the world's largest edible oil buyer, has hurt optimism for a sustained rise in demand.


* European Union palm oil imports in the 2020/21 season were at 4.23 million tonnes versus 4.55 million a year ago, data published by the European Commission showed on Monday.

* Dalian's most-active soyoil contract fell 0.7%, while its palm oil contract were down 0.3%. Soyoil prices on the Chicago Board of Trade declined 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 contract has found a support at 3,659 ringgit per tonne. It may hover above this level or bounce into the range of 3,761-3,844 ringgit, Reuters technical analyst Wang Tao said.


* Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.

* Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains.


0600 UK Claimant Count Unem Chng March

0600 UK ILO Unemployment Rate Feb

($1 = 4.1170 ringgit) REUTERS

Read more at https://www.todayonline.com/world/vegoils-palm-oil-falls-second-straight-day-tracking-rival-soyoil

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