Palm opens higher on gains in rival oils, poor production woes

Reuters

Palm opens higher on gains in rival oils, poor production woes

1 lug. 2024, ore 3:00 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>VEGOILS-Palm opens higher on gains in rival oils, poor production woes</title></head><body>

By Dewi Kurniawati

JAKARTA, July 1 (Reuters) -Malaysian palm oil futures rose onMonday, extending gains to a fourth straight session, underpinned by worries over poor production and tracking higher rival edible oils.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 55 ringgit, or 1.40%, to 3,971 ringgit ($842.38) a metric ton in early trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 0.79%, while its palm oil contract DCPcv1 gained 2.01%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.23%.

* Exports of Malaysian palm oil products for June fell 11.8% to 1,306,689 tons from 1,481,916 tons shipped during May, cargo surveyor Intertek Testing Services said on Friday.

* Indonesia has set its crude palm oil reference price for July at $800.75 per ton, up from $778.82 in June. The new reference price would put the export tax for CPO at $35 per ton and levy at $85.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* The USDA is scheduled to release its monthly fats and oils report at 2 p.m. CDT (1900 GMT) on Monday, July 1.

* Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains. O/R

* Higher crude oil futures make palm a more attractive option for biodiesel feedstock.

* Palm oil FCPOc3 looks neutral in a range of 3,899-3,927 ringgit per metric ton, and an escape could suggest a direction, according to Reuters' technical analyst Wang Tao. TECH/C

MARKET NEWS

* Asian stocks were subdued as traders pondered the U.S rates outlook, while the euro edged higher after the far-right won a smaller share of the vote in the first round of France's shock snap election than some polls had projected. MKTS/GLOB

DATA/EVENTS

0145 China Caixin Mfg PMI Final

0600 UK Nationwide house price MM, YY

0750 France HCOB Manufacturing PMI

0755 Germany HCOB Manufacturing PMI

0800 EU HCOB Mfg Final PMI

0830 UK S&P Global Mfg PMI

1200 Germany CPI, HICP Prelim YY

1345 US S&P Global Mfg PMI Final

1400 US ISM Manufacturing PMI

($1 = 4.7140 ringgit)

cpo https://tmsnrt.rs/3XG6hFD

Reporting by Dewi Kurniawati; Editing by Rashmi Aich

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>