Today Online (03/05/2021) - KUALA LUMPUR, May 3 - Malaysian palm oil futures rose 5% on Monday and were on track for their best session in more than 11 months, buoyed by stronger April exports and a rally in rival soyoil amid worries about global edible oils supply.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 194 ringgit, or 5.02%, to 4,062 ringgit ($990.01) a tonne in early trade, after falling 1.5% last week.
* Exports of Malaysian palm oil products for April rose 10.1% to 1,397,916 tonnes from 1,270,058 tonnes shipped during March, cargo surveyor Intertek Testing Services said on Friday.
* Dry weather in Brazil is affecting yields of the country's second corn plantings, forecaster Safras & Mercado said as it lowered the country's corn crop estimate and exacerbated concerns of global supply.
* Soyoil prices on the Chicago Board of Trade were up 2.3%. The Dalian exchange was closed for a public holiday.
* 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 stabilise around a support at 3,855 ringgit per tonne, and rise into a range of 3,967-4,010 ringgit, Reuters technical analyst Wang Tao said.
* Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the United States leading a global economic recovery.
0500 India IHS Markit Mfg PMI Apr
*0600 Germany Retail Sales March
0745 Italy Markit/IHS Mfg PMI Apr
0750 France Markit Mfg PMI Apr
0755 Germany Markit/BME Mfg PMI Apr
0800 Euro Zone Markit Mfg Final PMI Apr
1330 Canada Markit Mfg PMI SA Apr
1345 U.S. Markit Mfg PMI Final Apr
*1400 U.S. Construction Spending Mar
1400 U.S. ISM Manufacturing PMI Apr
*approximate release time
($1 = 4.1030 ringgit) REUTERS
Read more at https://www.todayonline.com/world/vegoils-palm-oil-rises-5-stronger-soyoil-higher-april-exports