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 VEGOILS-Palm falls for second day on fears of lower Indian demand

Nasdaq (30/04/2021) - JAKARTA, April 30 (Reuters) - Malaysian palm oil futures fell for a second straight session on Friday, logging in a total loss of 4.8%, tracking cheaper rival oils and on worries of lower demand from India due to a surge in COVID-19 infections in the world's top vegetable oil importer.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange fell 1.7% to 3,869 ringgit ($945.27) per tonne at the close.

A Kuala Lumpur-based trader told Reuters that external market moves weighed on palm prices.

The Dalian Commodity Exchange's soyoil DBYcv1 and palm oil contracts DCPcv1 declined 0.98% and 1.57%, respectively, due to profit-taking ahead of the weekend, traders said.

Rival soy oil on the Chicago Board of Trade BOcv1 slipped 0.73%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Pressuring market sentiment, top palm importer India posted a record daily rise in coronavirus cases of 386,452 on Friday, while deaths jumped by 3,498.

However, higher palm oil exports from both Malaysia and Indonesia cushioned some losses.

Exports of Malaysian palm oil products for April rose 9.7% from March, data from independent inspection company AmSpec Agri Malaysia showed.

Indonesia's exports, meanwhile, surged in the first quarter of this year, while end stocks remained low. Indonesia's palm oil association (GAPKI) said on Wednesday that demand for palm oil increased due to uncertainty in planting and production of other oilseeds.

($1 = 4.0930 ringgit)

(Reporting by Bernadette Christina Munthe and Fathin Ungku; Editing Uttaresh.V and Amy Caren Daniel)

Read more at https://www.nasdaq.com/articles/vegoils-palm-falls-for-second-day-on-fears-of-lower-indian-demand-2021-04-30

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