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KUALA LUMPUR, Sept 5 (Reuters) – Malaysian palm oil futures ticked up on Monday tracking a stronger crude, but the contract remained near a one-month low hit in the previous session.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 3 ringgit, or 0.08%, to 3,918 ringgit ($873.29) a tonne during early trade.
FUNDAMENTALS
* Palm slumped 6% last week after key buyer China imposed fresh COVID-19 lockdown measures in the cities of Chengdu and Shenzen to conduct mass testing, raising concerns over demand for the edible oil.
* Oil prices jumped more than $1 a barrel, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. O/R
* Dalian’s most-active soyoil contract DBYcv1 rose 1.4%, while its palm oil contract DCPcv1 gained 0.4%. The Chicago Board of Trade were closed for a public holiday.
* 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 bounce to 4,000 ringgit, as it has found a support at 3,857 ringgit per tonne, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* European stock futures slid on Monday, while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices. MKTS/GLOB
DATA/EVENTS (GMT, Aug)
0030 Japan JibunBK Comp Op Final SA
0030 Japan JibunBK SVC PMI Final SA
0145 China Caixin Services PMI
0500 India S&P Global Svcs PMI
0750 France S&P Global Svcs, Comp PMIs
0755 Germany S&P Global Svcs PMI
0755 Germany S&P Global Comp Final PMI
0800 EU S&P Global Serv, Comp Final PMIs
0830 UK Composite PMI Final
0830 UK Reserve Assets Total
($1 = 4.4865 ringgit)
(Reporting by Mei Mei Chu; Editing by Rashmi Aich)
((Meifong.chu@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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