VEGOILS-Palm oil falls for second day as July exports drops
21.07.2021 (www.nasdaq.com) - KUALA LUMPUR, July 22 (Reuters) - Malaysian palm oil futures declined for a second straight session on Thursday, tracking losses in rival soyoil and weighed down by weaker exports during July 1 to 20.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange slid 52 ringgit, or 1.25%, to 4,097 ringgit ($969.47) a tonne during early trade.
FUNDAMENTALS
* Exports of Malaysian palm oil products for July 1 to 20 fell 9.6% to 869,542 tonnes compared with the same period in June as shipments to India and China declined, according to data from cargo surveyor Societe Generale de Surveillance on Wednesday.
* Dalian's most-active soyoil contract DBYcv1 fell 1.2%, while its palm oil contract DCPcv1 eased 1%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.9%.
* 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 break a resistance at 4,164 ringgit and rise to 4,260 ringgit per tonne, as it is yet to fulfil this target, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks rallied on Thursday, bonds nursed losses and oil held onto sharp gains as investors seemed to set aside virus jitters for now and looked ahead to the European Central Bank for reassurance that policy support will continue for some time. MKTS/GLOB
* Oil prices held on to most of their gains from the previous session on Thursday, as signs of stronger demand helped offset an unexpected rise in U.S. inventories. O/R
DATA/EVENTS
0645 France Business Climate Mfg July
1145 EU ECB Refinance Rate July
1145 EU ECB Deposit Rate July
1230 US Initial Jobless Clm Weekly
1400 US Existing Home Sales June
1400 EU Consumer Confid. Flash July
($1 = 4.2260 ringgit)
(Reporting by Mei Mei Chu; editing by Vinay Dwivedi)
((Meifong.chu@thomsonreuters.com))