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VEGOILS-Rival soy helps palm oil notch longest winning streak in nearly 19 years

· 03/15/2021 23:17
VEGOILS-Rival soy helps palm oil notch longest winning streak in nearly 19 years

- Malaysian palm oil futures climbed on Tuesday for a 10th straight day, the longest consecutive daily gain since June 2002, tracking strength in rival edible soyoil while improving March export numbers also lifted market sentiment.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.42%, to 4,037 ringgit ($981.76) a tonne during early trade.

FUNDAMENTALS

* Exports of Malaysian palm oil products for March 1-15 fell 1% to 549,273 tonnes from the same period in February, but slower than an 18% monthly decline during March 1-10, according to data by Societe Generale de Surveillance. nAZN00Z26Q

* European Union palm oil imports in the 2020/21 season that started last July reached 3.87 million tonnes, compared with 4.01 million a year ago, data published by the European Commission showed on Monday. nP6N2JT00J

* Dalian's most-active soyoil contract DBYcv1 rose 1%, while its palm oil contract DCPcv1 gained 0.5%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.4%.

* 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 drop into a range of 3,959 ringgit to 4,008 ringgit per tonne, as it has left a rising channel, Reuters technical analyst Wang Tao said. TECH/C


MARKET NEWS

* Asian stocks were set to open higher on Tuesday after Wall Street's main indexes closed at record highs and investors awaited comments from the U.S. central bank's meeting later this week. MKTS/GLOB

DATA/EVENTS

0745 France CPI (EU Norm) Final MM, YY Feb

1000 Germany ZEW Economic Sentiment March

1000 Germany ZEW Current Conditions March

1230 US Retail Sales MM Feb

1315 US Industrial Production MM Feb

U.S. Federal Open Market Committee starts two-day meeting

on interest rates




($1 = 4.1120 ringgit)


(Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)

((Meifong.chu@thomsonreuters.com))

For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.  * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils                       OILS/ASIA1 Malaysian palm oil exports           SGSPALM1   CBOT soyoil futures                  0#BO:      CBOT soybean futures                 0#S:       Indian solvent                       SOLVENT01  Dalian Commodity Exchange            DC/MENU   Dalian soyoil futures                0#DBY:   Dalian refined palm oil futures      0#DCP:   Zhengzhou rapeseed oil               0#COI:   European edible oil prices/trades    OILS/E