Palm opens higher with support from strong Dalian contract

Reuters

Palm opens higher with support from strong Dalian contract

30. Jul. 2024 um 3:20 vorm. GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>VEGOILS-Palm opens higher with support from strong Dalian contract</title></head><body>

By Dewi Kurniawati

JAKARTA, July 30 (Reuters) -Malaysian palm oil futures opened higher on Tuesday, supported by strength of the palm oil contract in the Dalian Commodity Exchange.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit or 0.28% to 3,919 ringgit ($845.71) by 0233 GMT.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 dropped 0.05%, while its palm oil contract DCPcv1 was up 1.75%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.4%.

* Palm oil tracks price movements of rival edible oils as they compete for a share of the global vegetable oils market.

* Indonesia's Trade Ministry is planning to revise the domestic market obligation rules for palm oil to potentially change the prices for the portion and types of product sold to the local market.

* Indonesia's palm oil exports in May were 1.97 million metric tons, an 11.8% drop from a year earlier, data from the country's palm oil association GAPKI showed on Monday.

* Malaysian palm oil exports for July 1-25 are estimated to have risen from last month, with cargo surveyor Societe Generale de Surveillance estimating exports of 1,193,049 metric tons, compared with 908,517 tons during June 1-25, according to LSEG.

* Cargo surveyors Intertek Testing Services and Amspec Agri said exports rose 31% year-on-year.

* Palm oil FCPOc3 may break support at 3,881 ringgit and fall to 3,849 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Oil traded near seven-week lows as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.MKTS/GLOB

DATA/EVENTS (GMT)

0530 France GDP Preliminary QQ Q2

0800 Germany GDP Flash QQ SA Q2

0800 Germany GDP Flash YY NSA Q2

0900 EU GDP Flash Prelim YY Q2

0900 EU GDP Flash Prelim QQ Q2

0900 EU Consumer Confidence Final July

1200 Germany CPI Prelim YY July

1200 Germany HICP Prelim YY July

1400 US Consumer Confidence July

($1 = 4.6340 ringgit)

cpo https://tmsnrt.rs/3SsGEEX

Reporting by Dewi Kurniawati; 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

</body></html>