Vegoils: Palm oil tracks weak Dalian oils, exports to drop 4%

MMTec

13/07/2022 04:09

KUALA LUMPUR, July 13 (Reuters) - Malaysian palm oil futures
dropped more than 4% on Wednesday, down for a second consecutive
session, dragged by a plunge in rival Dalian oils and further
weighed down by weak July exports. 
    The benchmark palm oil contract  FCPOc3  for September
delivery on the Bursa Malaysia Derivatives Exchange slid 171
ringgit, or 4.15%, to 3,945 ringgit ($890.32) a tonne in early
trade.
    
    FUNDAMENTALS
    * Malaysia's palm oil stocks at end-June rose to their
highest in seven months as its exports were throttled by rival
Indonesia's policies to boost its own shipments, industry
regulator data showed on Tuesday.  urn:newsml:reuters.com:*:nL1N2YT07R
    * Exports from the world's second-largest producer during
July 1-10 fell between 15% and 21% from a month-ago period,
cargo surveyors said.  urn:newsml:reuters.com:*:nAZN0B56XE urn:newsml:reuters.com:*:nAZN0BDOLM
    * Dalian's most-active soyoil contract  DBYcv1  fell 5.3%,
while its palm oil contract  DCPcv1  plunged 6.2%. Soyoil prices
on the Chicago Board of Trade  BOcv1  were down 0.6%.
    * 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 stabilize around a support at 3,900 ringgit
per tonne, and test a resistance at 4,090 ringgit thereafter,
Reuters technical analyst Wang Tao said.  TECH/C 
    
    MARKET NEWS
    * World stocks traded mixed while oil prices and bond yields
dipped on Tuesday as traders fretted over prospects of further
central bank tightening and worries about the health of
economies worldwide.  MKTS/GLOB     
        
    DATA/EVENTS (GMT)
    0300  China    Exports, Imports YY         June
    0300  China    Trade Balance               June
    0600  UK       GDP Est 3M/3M               May
    0600  UK       GDP Estimate MM, YY         May
    0600  UK       Manufacturing Output MM     May
    0600  Germany  HICP Final YY               June
    0645  France   CPI (EU Norm) Final MM, YY  June
    1230  US       CPI MM, SA                  June
    1800  US       Federal Reserve issues the Beige Book
    

    ($1 = 4.4310 ringgit)

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cpo    https://tmsnrt.rs/3ICDN6e
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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    ))