VEGOILS-Palm extends gains on stronger rival oils
JAKARTA, Aug 25 (Reuters) – Malaysian palm oil futures rose on Friday and were set for their second straight weekly gains, tracking stronger prices of the rival vegetable oils.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 21 ringgit, or 0.54%, to 3,902 ringgit ($839.14) per metric ton in early trade. The contract has gained nearly 1% for the week.
FUNDAMENTALS
* Dalian’s most-active soyoil contract DBYcv1 strengthened 1.76%, while its palm oil contract DCPcv1 grew 0.73%. Soyoil prices on the Chicago Board of Trade BOc2 rose 0.44%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Indonesia’s palm oil exports, including refined products in June stood at 3.45 million metric tons, while stock by the end of June was at 3.69 million tons, data from Indonesian Palm Oil Association showed on Thursday.
* Palm oil FCPOc3 looks neutral in a range of 3,857-3,932 ringgit per metric ton, and an escape could suggest a direction, said Reuters technical analyst Wang Tao. TECH/C
MARKET NEWS
* World stocks receded on Thursday as investors took a breather after bets that tech darling Nvidia NVDA.O will deliver blockbuster results paid off, while Treasury bond yields edged back higher following a big sell-off. MKTS/GLOB
* Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant.O/R
DATA/EVENTS (GMT)
0600 Germany GDP Detailed QQ SA, YY NSA Q2
0800 Germany Ifo Business Climate New Aug
0800 Germany Ifo Curr Conditions New Aug
0800 Germany Ifo Expectations New Aug
1000 France Unemp Class-A SA July
1400 US U Mich Sentiment Final Aug
($1 = 4.6500 ringgit)
(Reporting by Bernadette Christina; Editing by Rashmi Aich)
((Bernadette.Christina@thomsonreuters.com))
Source Link: https://www.nasdaq.com/articles/vegoils-palm-extends-gains-on-stronger-rival-oils
