VEGOILS-Palm tracks rival soyoil higher ahead of export data
19.10.2021 (www.nasdaq.com) - KUALA LUMPUR, Oct 20 (Reuters) - Malaysian palm oil futures rose on Wednesday, reopening after a one-day public holiday, with prices jumping on firmer soyoil and tight supply worries ahead of Oct 1-20 export data.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 59 ringgit, or 1.19%, to 5,003 ringgit ($1,204.53) a tonne during early trade.
FUNDAMENTAL
* Cargo surveyors are scheduled to release Oct 1-20 export data later in the day. Traders are expecting exports to remain low after shipments during Oct. 1-15 saw a 11%-18% monthly decline.
* The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated Oct. 1-15 production in some parts of Malaysia declined 0.2% from the month before, traders said on Monday.
* Dalian's most-active soyoil contract DBYcv1 rose 0.3%, while its palm oil contract DCPcv1 gained 0.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were also up 0.3%.
* 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 zone of 5,032-5,048 ringgit per tonne, a break above which could lead to a gain into a range of 5,187-5,274 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares advanced and U.S. long-dated bond yields edged up to a five-month high on rising optimism about the global economy and corporate earnings, while the yen slipped to a four-year low on the dollar. MKTS/GLOB
* Oil prices turned down after the Chinese government flagged it was looking for ways to tame record high coal prices and that it would ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. O/R
DATA/EVENTS
0600 UK CPI YY Sept
0900 EU HICP Final MM, YY Sept
1800 US Federal Reserve issues the Beige Book of
economic condition
($1 = 4.1520 ringgit)
($1 = 4.1535 ringgit)
(Reporting by Mei Mei Chu; editing by Uttaresh.V)
((Meifong.chu@thomsonreuters.com))
https://www.nasdaq.com/articles/vegoils-palm-tracks-rival-soyoil-higher-ahead-of-export-data-2021-10-20