31/07/2023 (Nasdaq), Jakarta - Malaysian palm oil futures fell for a fifth consecutive session on Monday, after they tracked weaker rivals and as market participants awaited July export data, although the contract was set for a monthly gain.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange shed 2.07% to 3,923 ringgit per tonne in the early trade, its weakest levels in nearly two weeks.

So far this month, the contract has risen 3.43%.

FUNDAMENTALS

* Dalian's most-active soyoil contract declined 1.88%, while its palm oil contract dropped 2.12%. Soyoil prices on the Chicago Board of Trade lost 1.52%.

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

* Cargo surveyors are expected to release palm oil export data starting later in the day.

* Malaysia's palm oil exports during July 1-25 rose 10.8% from the month before, according to AmSpec Agri Malaysia, while data from cargo surveyor Intertek Testing Services this week showed a 17.8% rise in exports for the same period.

* Oil prices hovered near three-month highs on Monday, set to post their biggest monthly gains in more than a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tighten global supply. [O/R]

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* Palm oil may bounce to 4,057 ringgit per metric ton, before resuming its downtrend and retesting a support at 3,964 ringgit. [TECH/C]

MARKET NEWS

* Asian shares looked to end the month on a firm note on Monday in a week littered with major economic releases, central bank meetings and earnings updates from mega caps Amazon and Apple, though rising Japanese bond yields posed a risk. [MKTS/GLOB]

DATA/EVENTS (GMT) 0130 China NBS Manufacturing PMI

July 0900 EU

HICP Flash YY

July 0900 EU

HICP-X F, E, A & T Flash MM, YY July 0900 EU

GDP Flash Prelim QQ, YY

Q2

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-extends-losses-for-fifth-day-as-rivals-weigh