VEGOILS-Palm oil eases for third session, better exports limit losses
KUALA LUMPUR, Aug 14 (Reuters) – Malaysian palm oil futures fell on Monday for a third straight session, tracking a decline in Dalian palm, although the outlook for rising exports put a floor below prices.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange slid 10 ringgit, or 0.27%, to 3,707 ringgit ($804.65) per metric ton during early trade.
FUNDAMENTALS
* Exports of Malaysian palm oil products could rise between 5.9% and 17.5% from Aug. 1-10, data from cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia showed on Thursday.
* China on Friday left its 2023/24 August corn and soybean output estimate unchanged despite flooding in the crops’ key growing areas, but warned of an impact from heavy rain on peanut production.
* Dalian’s most-active soyoil contract DBYcv1 rose 0.23%, while its palm oil contract DCPcv1 lost 0.54%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.6%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields lifted the dollar to a 2023 peak on the embattled yen. MKTS/GLOB
* Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China’s faltering economic recovery and a stronger dollar weighed. O/R
DATA/EVENTS (GMT)
0630 India WPI Inflation YY July
($1 = 4.6070 ringgit)
(Reporting by Mei Mei Chu; Editing by Eileen Soreng)
