16/07/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures traded in a tight range on Monday, underpinned by a surge in July exports so far.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 27 ringgit, or 0.69%, to 3,926 ringgit ($863.43) a tonne during early trade, up for a second session.

FUNDAMENTALS

* Exports of Malaysian palm oil products for July 1-15 rose 16.7% to 510,249 tonnes from 437,101 tonnes shipped during June 1 - 15, independent inspection company AmSpec Agri Malaysia said on Saturday.

* Another cargo surveyor Intertek Testing Services said exports during the same period rose 19.3% to 554,054 tonnes from 464,380 tonnes.

* Indonesia has to change rules mandating palm oil exporters sell a portion of their output to the domestic market, M. Firman Hidayat, a senior official with a ministry overseeing the rules, told Reuters on Monday.

* Malaysia has maintained its August export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Friday.

* Dalian's most-active soyoil contract DBYcv1 fell 0.07%, while its palm oil contract DCPcv1 gained 0.3%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.2%.

* 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 rise into a range of 3,921 ringgit to 3,949 ringgit per metric ton, as a correction from 3,995 ringgit may have completed, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian shares slipped on Monday as a mixed bag of Chinese economic data were not as bad as some feared, but still fanned market impatience with the lack of major fiscal stimulus from Beijing. MKTS/GLOB

DATA/EVENTS (GMT)

0200 China Urban Investment (YTD) YY June

0200 China Retail Sales YY June

0200 China GDP YY Q2

0200 China Unemp Rate Urban Area June

1000 EU Reserve Assets Total June

:: UK House Price Rightmove MM, YY July

($1 = 4.5470 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-trades-in-tight-range-strong-july-exports-underpins