VEGOILS-Palm oil extends gains for third session ahead of holiday
17.08.2023 (Nasdaq) - KUALA LUMPUR, July 18 (Reuters) - Malaysian palm oil futures firmed on Tuesday for a third consecutive session as traders squared up positions ahead of a public holiday.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit, or 0.28%, to 3,941 ringgit ($868.83) a metric ton during early trade.
FUNDAMENTALS
* A deal allowing the safe Black Sea export of Ukraine's grain for the past year expired on Monday after Russia quit and warned it could not guarantee the safety of ships in a move the United Nations said would "strike a blow to people in need everywhere."
* Weekly condition ratings for the U.S. soybean and spring wheat crops improved more than expected in the past week following rains in portions of the Midwest and Plains, U.S. government data showed on Monday, while corn ratings rose in line with trade expectations.
* Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.7%. Dalian's most-active soyoil contract DBYcv1 rose 0.7%, while its palm oil contract DCPcv1 gained 2%.
* 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 retest a resistance at 3,949 ringgit per metric ton, a break above could lead to a gain to the July 4 high of 3,995 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* U.S. stocks rose on Monday on expectations corporate earnings will exceed forecasts, but global shares and the dollar traded little changed after data showed the Chinese economy grew slower than anticipated. MKTS/GLOB
DATA/EVENTS (GMT)
1230 US Retails Sales MM June
1315 US Industrial Production MM June
($1 = 4.5360 ringgit)
(Reporting by Mei Mei Chu;)
((Meifong.chu@thomsonreuters.com))
https://www.nasdaq.com/articles/vegoils-palm-oil-extends-gains-for-third-session-ahead-of-holiday