Today Online (19/10/2020) - KUALA LUMPUR, Oct 19 - Malaysian palm oil futures fell more than 2% on Monday to a near two-week low, tracking losses in rival soyoil, with slowing demand from top buyer India sparking worries over exports of the vegetable oil.

The benchmark palm oil contract, for January delivery, on the Bursa Malaysia Derivatives Exchange fell 26 ringgit, or 2.4%, to 2,802 ringgit ($676.32) a tonne by 0311 GMT, hitting its lowest since Oct. 6 and set for the third session of losses in four.

Cargo surveyors are scheduled to announce export data for Oct. 1-20 on Tuesday.

FUNDAMENTALS

* India's palm oil imports in September fell 27% on-year to their lowest in three months, due to lean demand from hotels and restaurants, the Solvent Extractors' Association of India said on Friday.

* Dalian's most-active soyoil contract slipped 1.38%, while its palm oil contract fell 2.16%. Soyoil prices on the Chicago Board of Trade were down 0.73%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* The Roundtable on Sustainable Palm Oil (RSPO), an industry watchdog, said on Friday it was working to improve gaps in enforcement of labour standards among producers.

* Palm oil looks neutral in a range of 2,849-2,898 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian markets started higher on Monday, buoyed by hopes of a U.S fiscal package before the U.S. presidential elections next month and expectations of a coronavirus vaccine by the end of this year.

DATA/EVENT AHEAD (GMT)

0200 China GDP Q3

0200 China Industrial Output Sept

0200 China Urban Investment (YTD) Sept

0200 China Retail Sales Sept

1400 U.S. NAHB Housing Market Index Oct

1545 Federal Reserve Vice Chair Richard Clarida speaks on "U.S. Economic Outlook and Monetary Policy" before virtual American Bankers Association Convention ($1 = 4.1430 ringgit) REUTERS

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