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Tuesday, August 3, 2021

Palm trails rival oils higher ahead of export data

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JAKARTA: Malaysian palm oil futures rose on Tuesday in tandem with related oils, but traders are wary of weak export data expected later in the day.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 1.24% to 2,695 ringgit ($646.75) by 0233 GMT.

The contract rebounded after a total of around 2.7% in losses during the two previous sessions.

FUNDAMENTALS
Dalian’s soybean oil for January delivery gained 1.4% on Tuesday, while its January palm oil contract rose 1.5%. Soyoil prices on the Chicago Board of Trade were up 1.3% amid crop concerns.

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

Palm oil still targets the Aug. 12 low of 2,606 ringgit per tonne, as a correction from the Aug. 4 high of 2,808 ringgit has not completed, Reuters technical analyst Wang Tao said. Resistance is at 2,683 ringgit, a break above which could lead to a gain into 2,707-2,731 ringgit.

MARKET NEWS

U.S. corn futures rose more than 1.5% on Tuesday to hit a more than one-month high after the U.S. Department of Agriculture (USDA) pegged the condition of crops behind market expectations.

Asia’s stock markets opened higher on Tuesday following a Wall Street rally driven by vaccine hopes, while the dollar found some support ahead of a key central bank speech.

Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.

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