Today Online (21/06/2021) - KUALA LUMPUR, June 21 - Malaysian palm oil futures gained on Monday, lifted by stronger crude prices, as traders waited for June partial export data and production estimates for more direction.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.88%, at 3,454 ringgit ($833.80) a tonne during early trade.

Palm declined 6.5% last week, weighed by India's move to put on hold a proposal to reduce import taxes on edible oils.

FUNDAMENTALS

* Malaysian palm oil exports during June 1-20 fell 0.8% to 945,745 tonnes from the same period in May, Intertek Testing Services said on Sunday.

* Oil prices rose, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer.

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* Dalian's most-active soyoil contract gained 1.5% and its palm oil contract rose 2%. Soyoil prices on the Chicago Board of Trade were down 0.5%.

* 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 bounce more to 3,602 ringgit per tonne, as it has stabilized around a support at 3,273 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian stocks dropped on Monday as investors mulled the implications of a surprise hawkish shift last week by the U.S. Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below 2%.

DATA/EVENTS

No major data/events expected on Monday

($1 = 4.1425 ringgit) REUTERS

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