VEGOILS-Palm oil snaps four sessions of gains on lower soyoil, weak exports
02.09.2020 (www.todayonline.com) - KUALA LUMPUR, Sept 2 - Malaysian palm oil futures slipped on Wednesday after four straight sessions of gains, pressured by weakness in rival soybean oil and cargo surveyor data showing a slump in August exports.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slid 12 ringgit, or 0.47%, to 2,771 ringgit ($668.19) a tonne by 0234 GMT.
Palm oil rose 3.2% in intraday trade on Tuesday to touch its highest in nearly seven months.
FUNDAMENTALS
* Exports of Malaysian palm oil products for August plunged between 13% and 15% from July as shipments to top buyers India and Europe slowed, according to data from cargo surveyors.
* Output in top producer Indonesia this year is seen at 46.02 million tonnes, down from 47.11 million tonnes in 2019, the country's Palm Oil Association said on Tuesday.
* Dalian's most-active soyoil contract fell 0.36%, while its palm oil contract slipped 0.48%. Soyoil prices on the Chicago Board of Trade were down 0.49%.
* 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 retest a resistance at 2,819 ringgit per tonne, a break above which could lead to a gain to 2,852 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
* Asian shares were set to gain, encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators while the dollar emerged from its recent lows against the euro.
DATA/EVENTS (GMT)
0600 UK Nationwide House Price MM, YY Aug
1400 US Factory Orders MM July
1800 US Federal Reserve issues the Beige Book of economic condition ($1 = 4.1470 ringgit) REUTERS