28.06.2021 (www.todayonline.com) - KUALA LUMPUR, June 28 - Malaysian palm oil futures fell more than 2% on Monday, marking their sharpest fall in nearly two weeks, as they tracked losses in rival soyoil in the previous session on demand worries following a U.S. Supreme Court ruling.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 75 ringgit, or 2.13%, to 3,445 ringgit ($830.32) a tonne during early trade.

FUNDAMENTALS

* A ruling by U.S. Supreme Court makes it easier for small oil refineries to win exemptions from laws requiring them to blend increasing levels of ethanol or other biofuels into their products — a major setback for biofuel producers.

* Soyoil prices on the Chicago Board of Trade were up 0.4%, after dropping 4.8% in the previous session. Dalian's most-active soyoil contract fell 0.8%, while its palm oil contract declined 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 fall to 3,351 ringgit, as it faces a resistance at 3,506 ringgit per tonne, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares got the week off to a cautious start on Monday, with Chinese markets holding steady, as a spike in coronavirus cases across the region over the weekend hurt investor sentiment while oil hovered around 2-1/2-year highs.

DATA/EVENTS

No major data/events expected on Monday ($1 = 4.1490 ringgit) REUTERS

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