Palm oil edges higher at opening trade
The Edge Markets (30/04/2019) - KUALA LUMPUR (April 30): Malaysian palm oil futures slightly rose at its opening trade on Tuesday, after three previous sessions of losses. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last up 0.1% at RM2,111 (US$510.64) a tonne.
FUNDAMENTALS
* Malaysian palm oil futures extended their decline on Monday to their lowest since April 1. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last down 0.1% at RM2,115 (US$511.98) a tonne.
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* US wheat futures edged down on Tuesday to hit a six-week low as the US Department of Agriculture said the condition of the winter crop was ahead of market forecasts.
* Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.
MARKET NEWS
* Shares in Asia fell on Tuesday as readings on China's manufacturing activity failed to meet expectations, underscoring weakness in the world's second-largest economy despite Beijing's attempts to spur growth.
* The Australian dollar led risk assets lower in Asia on Tuesday after a survey on Chinese manufacturing missed forecasts in a blow to hopes for a rebound in global growth.
* The S&P 500 hit an intraday record high on Monday, bolstering the view that the decade-long bull market has further to run, after consumer spending rose in March and inflation data was benign.
Read more at https://www.theedgemarkets.com/article/palm-oil-edges-higher-opening-trade
DAWN (30/04/2019) - KUALA LUMPUR: Malaysian palm oil futures extended losses on Monday to hit a one-month low, weighed down by weaker related oils and crude oil.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed down 0.47 per cent at 2,109 ringgit ($510.41) a tonne, having earlier hit its lowest level since April 1 at 2,099 ringgit.
Monday was the third consecutive session of falls for the contract, which has declined 0.3pc so far this month. Palm oil may break through support at 2,110 ringgit per tonne and fall towards support at 2,083 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
“Dalian and soyoil prices are still weak,” said a Kuala Lumpur-based futures trader, referring to related edible oils on China’s Dalian Commodity Exchange and soyoil on the US Chicago Board of Trade.
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In other related oils, the Chicago May soybean oil contract declined 0.4pc on Friday, but was up 0.04pc on Monday.
Read more at https://www.dawn.com/news/1479344/palm-oil-falls