26/07/2023 (Nasdaq), Singapore - Malaysian palm oil futures rose on Wednesday, tracking gains in rival vegetable oils and on strong export data.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 64 ringgit, or 1.57%, to 4,130 ringgit ($905.70) in early trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 edged up 0.66%, while its palm oil contract DCPcv1 climbed 1.01%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.05%.

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

* Malaysia's palm oil exports during July 1-25 rose 10.8% from the month before, according to AmSpec Agri Malaysia.

* Data from cargo surveyor Intertek Testing Services on Tuesday showed a 17.8% rise in exports for the same period.

* Palm oil may fall further to 4,014 ringgit per metric ton, as pointed by a rising trendline, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian markets were trading mostly weaker ahead of the U.S. Federal Reserve's expected interest rate rise to be delivered later in the day, as investors also weighed the likelihood of a Chinese economic stimulus package. MKTS/GLOB

* Oil prices eased, sliding from three-month highs hit the previous day after industry data showed an expected rise in U.S. crude stockpiles, but losses were capped amid signs of tighter global supply and hopes for China's economic stimulus. O/R

DATA/EVENTS (GMT)

1000 France Unemp Class-A SA June

1400 US New Home Sales-Units June

1800 US Federal Open Market Committee announces its decision on interest rates followed by statement

($1 = 4.5600 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-tracks-rival-vegetable-oils-higher