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todayonline - 21 days ago

VEGOILS-Palm tracks rival oils higher, hits near two-week high

KUALA LUMPUR, April 21 - Malaysian palm oil futures rose on Wednesday to their highest in nearly two weeks, lifted by gains in competing oils on the Dalian Commodity Exchange and the Chicago Board of Trade. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 56 ringgit, or 1.47%, to 3,861 ringgit ($938.05) in early trade, its highest since April 9. FUNDAMENTALS * Exports of Malaysian palm oil products during April 1-20 rose between 10% and 12.7% from a month earlier, according to cargo surveyor data, but the rise in shipments was lower than market expectations. * Dalian s most-active soyoil contract gained 2.3%, while its palm oil contract rose 2.9%. Soyoil prices on the Chicago Board of Trade were up 0.7%. * Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. * Palm oil looks neutral in a range of 3,761-3,844 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. MARKET NEWS * Asian shares and U.S. stock futures fell as concern about a resurgence of coronavirus cases in some countries cast doubt on the strength of global growth and demand for crude oil. * Oil prices fell for a second day on concerns that soaring COVID-19 cases in India will drive down fuel demand in the world s third-biggest oil importer. DATA/EVENTS 0600 UK CPI YY March ($1 = 4.1160 ringgit) REUTERS


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