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Palm oil jumps over 1% on hopes of lower June stockpiles

Mon July 06 2020

 

Malaysian palm oil futures rose more than 1% on Monday, on prospects of lower June inventories and as rival soybean oil advanced to a four-month high.

 

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 31 ringgit, or 1.31%, to 2,389 ringgit ($558.18) a tonne during early trade.

 

Malaysia's palm oil stocks at end-June likely dropped 2% to 1.99 million tonnes from the previous month, mainly due to higher exports, Ivy Ng, regional head of plantations research at CGS-CIMB Research, said in a note on Monday.

 

The Malaysian Palm Oil Board is scheduled to release its June supply and demand data on Friday.

 

Palm declined 0.42% last week, its second straight weekly fall, on concerns demand will be hit amid a surge in coronavirus infections.

 

FUNDAMENTALS

 

Dalian's most-active soyoil contract rose 0.83%, while its palm oil contract gained 0.76%.

 

 

Soyoil prices on the Chicago Board of Trade were up 1.5% as concerns about hot and dry weather in a key U.S. growing region pushed prices to a more than a four-month high.

 

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 retest a resistance at 2,395 ringgit per tonne, as it has stabilized around a support at 2,339 ringgit, Reuters technical analyst Wang Tao said.

 

MARKET NEWS

 

Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States.

 

Source: Reuters

Technical Research
Prices
Tuesday, August 11, 2020
ExchangeCommodityContractOpenHighLowClose
MCXCrude Palm Oil - MCXAug20743744.4726.2727.9
NCDEXMustard SeedAug205237523751025126
NCDEXSoy OilAug20864.8865.2853.2854.6
NCDEXSoyabeanAug203824382436983746
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