27.04.2021 (www.todayonline.com) - JAKARTA, April 27 - Malaysian palm oil futures rose 1.65% on Tuesday, rebounding after two straight sessions of losses fuelled by fears of weaker demand from India as the world's top vegetable oil importer battles a surge in coronavirus infections.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange traded at 3,920 ringgit ($956.56) a tonne when the market opened.

FUNDAMENTALS

* Palm oil may bounce again to 3,945 ringgit, as it managed to stabilise around a support at 3,859 ringgit per tonne, Reuters technicals analyst Wang Tao said.

* Dalian's most-active soyoil contract fell 1.1%, while its palm oil contract declined 1.9%.

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

MARKET NEWS

* Chicago corn futures rose for a seventh consecutive session, with the market touching a nearly eight-year high as adverse weather in Brazil and the United States raised concerns over global supplies.

* Oil prices bounced back from drops in the previous session, but gains were seen likely capped by growing concern about fuel demand in India, the world's third-biggest crude importer now slammed by spiralling new coronavirus cases.

* Asian shares fell and U.S. stock futures were steady as caution ahead of a U.S. Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from the COVID-19 blow. REUTERS

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