Today Online (22/06/20210 – KUALA LUMPUR, June 22 - Malaysian palm oil futures advanced on Tuesday, lifted by overnight strength in rival Chicago soyoil on solid demand from China, though Indonesia's plan to revise its palm oil export levy limited gains.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 19 ringgit, or 0.56%, to 3,410 ringgit ($822.68) a tonne by 0323 GMT.

FUNDAMENTALS

* Indonesia will change the levy structure for palm oil exports, its finance minister said on Monday, cutting the ceiling rate for crude palm oil levies to $175 per tonne from $255 after facing criticism from stakeholders.

* Exports of Malaysian palm oil products for June 1-20 rose 11.2% to 962,184 tonnes, from the same period last month, cargo surveyor Societe Generale de Surveillance said on Monday.

* European Union palm oil imports in the 2020/21 season had reached 5.16 million tonnes versus 5.71 million tonnes a year ago, European Commission data showed on Monday.

* The U.S. Department of Agriculture on Monday confirmed renewed buying of U.S. soybeans by China, first reported by Reuters on Friday, the country's largest scale purchases in 4-1/2 months.

* Soyoil prices on the Chicago Board of Trade were down 1.6%, after rising over 3% in the previous session. Dalian's most-active soyoil contract rose 1.8%, while its palm oil contract gained 0.9%.

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

MARKET NEWS

* Global shares extended their recovery on Tuesday, with Asian markets bouncing from four-weeks lows as investor focus on economic growth partly offset worries about any near-term rise in U.S. interest rates.

DATA/EVENTS

1100 US Existing Home Sales May

1100 Euro Zone Consumer Confidence Flash June

1800 US Federal Reserve Chair Jerome Powell testifies

before U.S. House of Representatives Select Subcommittee on Coronavirus Crisis

REUTERS

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