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JAKARTA, Aug 22 (Reuters) – Malaysia’s benchmark palm oil futures extended gains to a second session on Monday, tracking strength in rival vegetable oils.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 3.79%, to 4,248 ringgit ($947.37) a tonne during early trade.
FUNDAMENTALS
* Dalian’s soyoil contract DBYv1 gained 2.10%, while its palm oil contract DCPv1 rose 3.43%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.41%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Exports of Malaysian palm oil products for Aug. 1-20 rose 9.1% to 728,165 tonnes from the same period in July, cargo surveyor Intertek Testing Services said on Saturday, while independent inspection company AmSpec Agri Malaysia reported a 3.8% drop.
* Palm oil may test a resistance at 4,269 ringgit per tonne, as it has managed to hover above a support at 4,085 ringgit per tonne, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares got off to a rocky start on Monday, while the dollar remained in demand amid concerns most major central banks are committed to raising interest rates no matter the risks to growth. MKTS/GLOB
* Oil prices fell on Monday, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand. O/R
* Chicago soybean futures ticked higher on Monday, supported by bargain-buying, although expectations of much-needed rain in parts of the U.S. Midwest limited gains. GRA/
DATA/EVENTS (GMT)
0115 China Loan Prime Rate 1Y, 5Y Aug
($1 = 4.4840 ringgit)
(Reporting by Fransiska Nangoy; Editing by Rashmi Aich)
((Fransiska.Nangoy@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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