01.06.2020 (TODAYonline) - KUALA LUMPUR, June 1 - Malaysian palm oil futures firmed on Monday, tracking gains in rival soyoil and on hopes that export data due later in the day will show a rise in May shipments.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 14 ringgit, or 0.61%, to 2,305 ringgit ($532.95) a tonne during 0242 GMT.

Palm oil jumped 10% last month, its biggest monthly rise this year, as hopes of a lower output in May and resumption of purchases by India, the world's largest edible oil consumer, boosted prices.

FUNDAMENTALS

* Malaysia's exports in May is expected to rise 7% from the month before, according to Sathia Varqa, owner of Singapore-based Palm Oil Analytics.

* World's biggest palm oil producer Indonesia will keep its export tax for crude palm oil at zero in June.

* Indonesia will also charge a blanket export levy of $55 per tonne on shipments from June 1 to raise funds for a domestic biodiesel programme.

* Dalian's most-active soyoil contract rose 0.57%, while its palm oil contract inched up 0.04%. Soyoil prices on the Chicago Board of Trade were also trading up 0.66%.

* 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 rise into a range of 2,345-2,409 ringgit per tonne, as suggested by its wave pattern and a retracement analysis, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in U.S. cities and unease over Washington's power struggle with Beijing.

DATA/EVENTS (GMT)

0145 China Caixin Mfg PMI Final May

0500 India IHS Markit Mfg PMI May

0755 Germany Markit/BME Mfg PMI May

0800 EU Markit Mfg Final PMI May

0830 UK Markit/CIPS Mfg Final PMI May

1345 US Markit Mfg Final PMI May

1400 US ISM Manufacturing PMI May

($1 = 4.3250 ringgit) REUTERS

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