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VEGOILS-Palm extends falls on lower EU imports, cheaper rivals

reuters.com · 08/31/2021 23:30
VEGOILS-Palm extends falls on lower EU imports, cheaper rivals

- Malaysian palm oil futures fell for a third straight session on Wednesday, tracking weakness in rival Chicago and Dalian oils and weighed down by lower European Union imports.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange declined 1.1% to 4,207 ringgit ($1,014.47) a tonne in early trade.

A Kuala Lumpur-based trader told Reuters palm was tracking rival oils lower.

The Chicago Board of Trade's (CBOT) soybean oil contract BOcv1 fell 0.61% due to concerns about export disruptions. Palm DCPv1 and soybean oil DBYv1 prices on the Dalian Commodity Exchange declined 2.1% and 1.3%, respectively.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

The European Union's palm oil imports in the 2021/22 season that started in July had reached 747,484 million tonnes by Aug. 29, compared with 1.13 million tonnes in the same period last year. nS8N2P5060

Palm oil FCPOc3 may fall into a range of 4,096 ringgit to 4,155 ringgit per tonne, driven by a wave c, Reuters technicals analyst Wang Tao said. TECH/C

FUNDAMENTALS

* Asian shares gave up some of their recent gains in cautious trading while the dollar inched back from three-week lows, as worries about slowing global growth in several markets returned to weigh on traders' minds. MKTS/GLOB


DATA/EVENTS (GMT)

0600 UK Nationwide house price MM, YY Aug

0750 France Markit Mfg PMI Aug

0755 Germany Markit/BME Mfg PMI Aug

0800 EU Markit Mfg Final PMI Aug

0830 UK Markit/CIPS Mfg PMI Final Aug

0900 EU Unemployment Rate July

1345 US Markit Mfg PMI Final Aug

1400 US ISM Manufacturing PMI Aug



($1 = 4.1470 ringgit)


(Reporting by Fathin Ungku; Editing by Subhranshu Sahu)

((Fathin.ungku@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