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VEGOILS-Palm extends fall for fourth day on cheaper rivals, lower exports

reuters.com · 09/01/2021 23:28
VEGOILS-Palm extends fall for fourth day on cheaper rivals, lower exports

- Malaysian palm oil futures fell for the fourth straight session on Thursday, tracking weakness in rival Chicago and Dalian oils and weighed down by lower export data for August, while a weaker ringgit limited losses.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange declined 0.1% to 4,172 ringgit ($1,004.33) a tonne in early trade.

"It's because of external markets and exports," a Kuala Lumpur-based trader told Reuters.

The Chicago Board of Trade's soybean oil contract BOcv1 fell 1% due to concerns about export delays from the United States.

Palm DCPv1 and soybean oil DBYv1 prices on the Dalian Commodity Exchange declined 1.4% and 0.9%, respectively.

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

Lower exports in August weighed on prices, which fell 17.8% compared to the prior month, data from cargo surveyor Societe Generale de Surveillance showed on Wednesday. nAPN07V1MZ

Limiting the losses, however, was a weaker ringgit, which last fell 0.1% after rising for eight consecutive sessions.

Palm oil FCPOc3 may break a support at 4,155 ringgit and fall into a range of 4,000 ringgit to 4,096 ringgit per tonne, Reuters analyst Wang Tao said. TECH/C


* Asian share markets were in a cautious mood on Thursday as concerns grew over the Chinese economy after a run of soft data, while the risk of a subpar U.S. payrolls report kept the dollar on the defensive. MKTS/GLOB


0130 Australia Trade Balance G&S July

1230 US International Trade July

1230 US Initial Jobless Clm Weekly

1400 US Factory Orders MM July

($1 = 4.1540 ringgit)

(Reporting by Fathin Ungku; Editing by Subhranshu Sahu and Shounak Dasgupta)


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