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News Admin
 
Date
 20/04/2021
News Provider
 Nur Aisha Abd.Wahab
News Source
 Today Online
Headline
 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.


FUNDAMENTALS


* 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.


MARKET NEWS


* 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.


DATA/EVENTS (GMT)


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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