Palm flat amid Dalian oils strength, weak Chicago soyoil
JAKARTA, Aug 20 (Reuters) -Malaysian palm oil futures were little changed on Tuesday as a weak Chicago soyoil contract and a stronger ringgit weighed, while a rise in Dalian vegetable oils lent some support.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was unchanged at 3,721 ringgit ($851.68) a metric ton, as of 0245 GMT.
Cargo surveyors are expected to publish export data for Aug. 1-20 later in the day.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.6%, while its palm oil contract DCPcv1 gained 0.96%. Soyoil prices on the Chicago Board of Trade BOc2 edged 0.43% lower.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Malaysian ringgit, the contract's currency of trade, strengthened 0.18% against the U.S. dollar, early on Tuesday, to its highest since mid-February 2023. A stronger ringgit made the contract less attractive for foreign currency holders.
* Indonesia has revised its rules on its palm oil domestic market obligation (DMO) scheme, raising the price cap in a bid to improve supplies of cheap cooking oil, while lowering the domestic distribution target to 250,000 tons monthly.
* Exports of Malaysian palm oil products for Aug. 1-15 declined 22.3% from the previous month, data from independent inspection company AmSpec Agri Malaysia showed, while Cargo surveyor Intertek Testing Services said exports slumped 20.2% during the same period.
* Cargo surveyor Societe Generale de Surveillance(SGS) estimates exports of Malaysian palm oil products for Aug. 1-15 were 662,450 metric tons, down from 786,830 metric tons shipped during July 1-15, according to LSEG.
* Palm oil may test resistance at 3,764 ringgit per metric ton, a break above which could confirm both a target of 3,809 ringgit and an inverted head-and-shoulders, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks scaled a one-month peak on Tuesday, tracking a Wall Street rally driven by expectations that the Federal Reserve could offer further hints of imminent rate cuts later this week. MKTS/GLOB
DATA/EVENTS (GMT)
0100 China Loan Prime Rate 1Y August
0100 China Loan Prime Rate 5Y August
0900 EU HICP Final MM July
0900 EU HICP Final YY July
($1 = 4.3690 ringgit)
Reporting by Bernadette Christina; Editing by Savio D'Souza
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
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
