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News Admin
 
Date
 05/05/2021
News Provider
 Siti Safura Masiron
News Source
 www.todayonline.com
Headline
 VEGOILS-Palm drops after prior session rally, rival soyoil weighs


04.05.2021 (www.todayonline.com) - The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 71 ringgit, or 1.75%, to 3,990 ringgit ($971.75) a tonne in early trade, after rising 5% on Monday.



Malaysia, the world's second-largest producer of palm oil, is facing a spike in coronavirus cases with more than 415,000 total infections, and has reported its first case of an infectious variant first identified in India.



Top importer India on Monday reported more than 300,000 new coronavirus cases for a twelfth straight day, as the country struggled with a devastating second wave of the virus.



FUNDAMENTALS



* Soyoil prices on the Chicago Board of Trade were down 0.24%. The Dalian exchange is closed until May 5 for holidays.



* 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 retreat into a zone of 3,967 ringgit to 4,010 ringgit per tonne, following its failure to break a resistance at 4,098 ringgit, Reuters technical analyst Wang Tao said.



MARKET NEWS



* Asia's share markets were mostly higher as regional equity investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen.



DATA/EVENTS



0430 Australia RBA Cash Rate May



0830 UK Markit/CIPS Mfg PMI Final April



1230 US International Trade March



1400 US Factory Orders MM March ($1 = 4.1060 ringgit) REUTERS


Read more at https://www.todayonline.com/world/vegoils-palm-drops-after-prior-session-rally-rival-soyoil-weighs

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