VEGOILS-Palm oil climbs to near one-month high on stronger soyoil, crude
01.09.2020 (www.todayonline.com) - KUALA LUMPUR, Sept 1 - Malaysian palm oil futures rose to their highest level in nearly a month on Tuesday and are set to extend a three-day winning streak, tracking higher rival soy oil and crude prices.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 58 ringgit, or 2.12%, to 2,796 ringgit ($674.55) a tonne during 0242 GMT, its highest since Aug. 4.
Palm oil logged a 2.3% monthly rise on Friday, its second straight monthly gain.
FUNDAMENTALS
* Exports of Malaysian palm oil products for August fell 13.1% to 1,491,422 tonnes from 1,716,980 tonnes shipped during July, cargo surveyor Intertek Testing Services said on Monday.
* Palm oil imports into the European Union and Britain in the 2020/21 season stood at 998,000 tonnes, up 3% from the previous season, official EU data showed on Monday.
* Indonesia's oil and gas company PT Pertamina estimates the country's total sales of palm oil-based biodiesel will be at 28.2 million kilolitres (KL) this year, 30% lower than last year's sale.
* Dalian's most-active soyoil contract rose 0.06%, while its palm oil contract gained 0.51%. Soyoil prices on the Chicago Board of Trade were up 1.16%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Oil prices rose, reversing overnight losses, as investors shifted to risk assets and out of the safe-haven U.S. dollar.
* Stronger crude makes palm a more attractive option for buodiesel feedstock.
MARKET NEWS
* Asian stocks were set to weaken on Tuesday following a softer Wall Street close, while the dollar slipped as markets digested new Federal Reserve comments that suggested rates will stay low for an extended period.
DATA/EVENTS (GMT)
0130 Australia Building Approvals July
0130 Australia Current Account Balance Q2
0130 Australia Net Exports Contribution Q2
0145 China Caixin Mfg PMI Final Aug
0430 Australia RBA Cash Rate Sept
0500 India HIS Markit Mfg PMI Aug
0750 France Markit Mfg PMI Aug
0755 Germany Markit/BMI Mfg PMI Aug
0755 Germany Unemployment Chg, Rate SA Aug
0800 EU Markit Mfg Final PMI Aug
0830 UK Markit/CIPS Mfg PMI Final Aug
0900 EU HICP Flash YY Aug
0900 EU HICP-X F&E Flash YY Aug
0900 EU Unemployment Rate July
1345 US Markit Mfg PMI Final Aug REUTERS