VEGOILS-Palm oil rebounds on fears of rising June stocks
05.07.2023 (Nasdaq) - KUALA LUMPUR, July 5 (Reuters) - Malaysian palm oil futures ticked up on Wednesday, rising for a third time in the past four sessions, on concerns over a build-up of June inventories in the world's second-largest producer amid slow exports.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.44%, to 3,900 ringgit ($840.52) a tonne during early trade.
FUNDAMENTALS
* Investors are looking to industry forecasts of Malaysia's June palm oil supply and demand ahead of official palm oil board data on July 10.
* Malaysia's exports in June is likely to have been low, with cargo surveyor Intertek Testing Services estimating shipments fell 6.9% from May. AmSpec Agri Malaysia said exports rose 0.6%.
* India's June palm oil imports jumped 49% from the previous month to their highest in three months as buyers took advantage of prices that were at a 28-month low, six dealers told Reuters.
* Russia on Tuesday restated a demand for its state agricultural bank to be reconnected to the global SWIFT payments system to avert the collapse of the Black Sea grain deal and said it would not accept a reported compromise proposal.
* Dalian's most-active soyoil contract DBYcv1 gained 0.1%, while its palm oil contract DCPcv1 fell 0.4%. The Chicago Board of Trade BOcv1 was closed for a public holiday.
* 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 retest a resistance at 3,978 ringgit per metric ton, a break above which could lead to a gain into a range of 4,039-4,122 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Global stocks held steady on Tuesday, as investors balanced the inflationary force of rising oil prices with hopes that central banks would not over-tighten monetary policy into a potential recession. MKTS/GLOB
DATA/EVENTS (GMT)
0750 France S&P Global Serv PMI June
0750 France HCOB Composite PMI June
0755 Germany HCOB Services PMI June
0755 Germany HCOB Comp Final PMI June
0800 EU HCOB Services Final PMI June
0800 EU S&P Global Comp Final PMI June
0830 UK Composite PMI Final June
0830 UK Reserve Assets Total June
1400 US Factory Orders MM May
1800 US Federal Open Market Committee issues
minutes from its meeting of June 13-14 ($1 = 4.6400 ringgit)
(Reporting by Mei Mei Chu; Editing by Savio D'Souza)
((Meifong.chu@thomsonreuters.com))
https://www.nasdaq.com/articles/vegoils-palm-oil-rebounds-on-fears-of-rising-june-stocks