23.11.2020 (www.todayonline.com) - KUALA LUMPUR, Nov 23 - Malaysian palm oil futures slipped to a near two-week low on Monday, hit by shrinking November exports and tracking losses in rival Dalian oils.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 57 ringgit, or 1.73%, to 3,231 ringgit ($790.56) a tonne during early trade, its lowest since Nov. 10.

Palm fell 2.7% last week, ending a four-week rally.

FUNDAMENTALS

* Exports from Malaysia during Nov. 1-20 fell 16% from the same period in October, as shipments to the Indian subcontinent contracted by almost half, according to data from cargo surveyors on Friday.

* Dalian's most-active soyoil contract fell 1.6%, while its palm oil contract slipped 2.8%. Soyoil prices on the Chicago Board of Trade were up 0.6%.

 * 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 test a support at 3,261 ringgit per tonne, a break below which could cause a fall into 3,173-3,221 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS

* A broad gauge of Asian shares edged up to record highs on Monday morning as hopes for imminent coronavirus vaccines buoyed investor sentiment, but worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains.

DATA/EVENTS

0815 France Markit Mfg, Serv, Comp Flash PMIs

0830 Germany Markit Mfg, Serv, Comp Flash PMIs

0900 EU Markit Mfg, Serv, Comp Flash PMIs

0930 UK Flash, Composite, Mfg, Serv PMIs

1445 US Markit Mfg, Serv, Comp Flash PMIs REUTERS

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