Today Online (13/08/2021) - KUALA LUMPUR, Aug 13 - Malaysian palm oil futures eased on Friday, although the contract was on track to post its seventh weekly gain in eight following data that showed July supply fell more than expected.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 37 ringgit, or 0.83%, to 4,437 ringgit ($1,047.95) a tonne during early trade.

Palm has gained 3.8% so far this week.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Aug. 1-10 rose 4.2% to 423,888 tonnes from Jul. 1-10, cargo surveyor Societe Generale de Surveillance said.

* Malaysia's palm oil stockpiles hit a four-month low at July end, falling below expectations, as production and imports shrank, according to the Malaysian Palm Oil Board (MPOB) on Wednesday.

* Dalian's most-active soyoil contract fell 0.5%, while its palm oil contract eased 0.7%. Soyoil prices on the Chicago Board of Trade were down 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 retreat moderately to 4,407 ringgit per tonne before retesting a resistance at 4,587 ringgit, as it broke a support at 4,493 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Most Asian equity markets continued to ignore record highs hit elsewhere in the world and fell in early trading on Friday, though Australia bucked the trend.

* Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of COVID-19 worldwide has forced governments to revive restrictions on movement.

DATA/EVENTS

0645 France CPI (EU Norm) Final MM, YY July

1400 US U Mich Sentiment Prelim Aug

($1 = 4.2340 ringgit) REUTERS

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