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Palm oil firms on stronger Dalian oils ahead of export data

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KUALA LUMPUR: Malaysian palm oil futures rose for the third straight session on Wednesday on strength in rival Dalian oils, as investors traded cautiously ahead of Aug. 1-20 export data.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 13 ringgit, or 0.48%, to 2,724 ringgit during 0247 GMT, after gaining 1% in the previous session.

The Malaysian bourse will be closed for a public holiday on Thursday and will resume trading on Friday.

FUNDAMENTALS

Cargo surveyors are expected to release Malaysia Aug. 1-20 export data on Thursday.

Dalian’s most-active soyoil contract gained 0.71%, while its palm oil contract rose 0.39%. Soyoil prices on the Chicago Board of Trade were down 0.22%.

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 2,731-2,760 ringgit per tonne, as a correction from the Aug. 4 high of 2,808 ringgit could have ended, Reuters technical analyst Wang Tao said. MARKET NEWS

Asian shares climbed to a seven-month peak on Wednesday tracking the S&P 500, which scaled all-time highs driven by ever expanding policy stimulus aimed at cushioning the blow to economies from the coronavirus outbreak.

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