29.06.2021 (www.todayonline.com) - KUALA LUMPUR, June 29 - Malaysian palm oil futures slipped for a second consecutive session on Tuesday, tracking rival soyoil, pressured by weaker crude prices ahead of June export data.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 39 ringgit, or 1.11%, to 3,467 ringgit ($835.42) a tonne during early trade.

Traders are awaiting June 1-30 export data from cargo surveyors due on Wednesday.

FUNDAMENTALS

* Indonesia will impose new palm oil export levies starting on July 2, the Estate Crop Fund Agency said on Tuesday.

* The world's top palm oil exporter last week said it will change its levy structure for palm oil exports, cutting the ceiling rate for crude palm oil levies from $255 per tonne to $175 per tonne.

* European Union palm oil imports in the 2020/21 season were at 5.21 million tonnes versus 5.79 million a year ago, data published by the European Commission showed on Monday.

* Oil prices slipped on worries about slower fuel demand growth, making palm a less attractive option for biodiesel feedstock.

* Dalian's most-active soyoil contract rose 0.1%, while its palm oil contract gained 1.1%. Soyoil prices on the Chicago Board of Trade were down 0.7%.

* 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 resistance at 3,602 ringgit per tonne, a break above could lead to a gain at 3,691 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares edged lower on Tuesday on concerns new coronavirus outbreaks in the region could undercut an economic recovery even as robust momentum in the United States prompts the Federal Reserve to contemplate a quicker exit from accommodative policy.

DATA/EVENTS

0600 UK Nationwide House price MM, YY

0900 EU Consumer Confid. Final

1200 Germany CPI, HICP Prelim YY

1400 US Consumer Confidence

($1 = 4.1500 ringgit) REUTERS