Vegoils: Palm oil surges over 3% on stronger rivals, exports

MMTec

13/09/2022 04:25

KUALA LUMPUR, Sept 13 (Reuters) - Malaysian palm oil futures
jumped more than 3% on Tuesday, tracking overnight gains in
rival soyoil on lacklustre forecast of U.S. supply, while strong
early-September exports further lifted the oilseed. 
    The benchmark palm oil contract  FCPOc3  for November
delivery on the Bursa Malaysia Derivatives Exchange rose 133
ringgit, or 3.61%, to 3,816 ringgit ($847.06) a tonne during
early trade, up for a third straight session. 
    
    FUNDAMENTALS
    * Exports during Sept. 1-10 rose between 9.3% and 25.5% from
the same period in August, cargo surveyors said.
 urn:newsml:reuters.com:*:nL4N30H01Q urn:newsml:reuters.com:*:nAZN0IXD38 urn:newsml:reuters.com:*:nAPN0PLHHL 
    * Malaysia's palm oil stocks at end-August climbed to their
highest in 33 months, as output rose with peak production season
getting underway, palm oil board data showed on Monday.
 urn:newsml:reuters.com:*:nL1N30J03W 
    * Soyoil prices on the Chicago Board of Trade  BOcv1  rose
2.5% overnight after the U.S. Agriculture Department said
soybean supplies will fall to a seven-year lows as hot and dry
weather during August in western growing areas cut into its
harvest potential.  urn:newsml:reuters.com:*:nL1N30J193 
    * Dalian's most-active soyoil contract  DBYcv1  rose 3%,
while its palm oil contract  DCPcv1  gained 3.2%. 
    * 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 test a resistance at 3,738 ringgit per tonne,
a break above could lead to a gain into 3,783-3,855 ringgit
range, Reuters technical analyst Wang Tao said.  TECH/C 
    
    MARKET NEWS
    * Asian stocks rose as traders in Korea returned from
holidays in a mood to catch-up on a global bounce, while other
markets held steady ahead of U.S. inflation data that will offer
a crucial guide to the interest rate outlook.  MKTS/GLOB     
        
    DATA/EVENTS (GMT)
    0600  Germany   HICP Final YY                 Aug
    0600  UK        Claimant Count Unem Change    Aug
    0600  UK        ILO Unemployment Rate         Jul
    0600  UK        HMRC Payrolls Change          Aug
    0900  Germany   ZEW Economic Sentiment        Sep
    0900  Germany   ZEW Current Conditions        Sep
    1230  US        CPI MM, SA                    Aug
    1230  US        CPI Wage Earner               Aug
    

    ($1 = 4.5050 ringgit)

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 (Reporting by Mei Mei Chu;)
 ((Meifong.chu@thomsonreuters.com))
 
((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    ))