Wednesday 21 April 2021
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todayonline - 2 month ago

VEGOILS-Palm hits one-week low on weaker soyoil prices, lower exports

KUALA LUMPUR, March 2 - Malaysian palm oil futures declined for a third straight session on Tuesday, slipping to a one-week low on weaker soyoil prices and as cargo surveyors said exports in February witnessed a decline. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange slid 75 ringgit, or 2.04%, to 3,609 ringgit ($890.34) a tonne during early trade, its lowest since Feb. 23. FUNDAMENTALS * Exports of Malaysian palm oil products for February fell 4.6% to 1,052,779 tonnes from January, with China and the United States cutting down purchases, cargo surveyor Societe Generale de Surveillance said. * European Union palm oil imports in the 2020/21 season was 3.69 million tonnes, compared with 3.78 million a year ago, data published by the European Commission showed. * Dalian s most-active soyoil contract fell 0.3%, while its palm oil contract slipped 2.3%. Soyoil prices on the Chicago Board of Trade were down 0.3%. * 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 fall into a range of 3,466 ringgit to 3,545 ringgit per tonne, as it could have completed a rally from the Jan. 20 low of 3,160 ringgit, Reuters technical analyst Wang Tao said. MARKET NEWS * Asian shares are poised to rally as a halt in a recent bond markets sell-off calmed investor nerves and lifted riskier assets. DATA/EVENTS 0030 Australia Building Approvals Jan 0030 Australia Current Account Balance Q4 0030 Australia Net Exports Contribution Q4 0330 Australia RBA Cash Rate March 0700 UK Nationwide House Price MM, YY Feb 0855 Germany Unemployment Chg, Rate Sa Feb 1000 EU HICP Flash YY Feb 1000 EU HICP-X F E Flash YY Feb ($1 = 4.0535 ringgit) REUTERS


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