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News Admin
 
Date
 03/05/2021
News Provider
 Nur Aisha Abd.Wahab
News Source
 Today Online
Headline
 VEGOILS-Palm oil rises 5% on stronger soyoil, higher April exports

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.



FUNDAMENTALS



* 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.



MARKET NEWS



* 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.



DATA/EVENTS



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



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