Palm drops tracking losses in rival oils, rising stocks

Reuters

Palm drops tracking losses in rival oils, rising stocks

2024 9월 12 일, 오전 4:05 GMT

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MUMBAI, Sept 12 (Reuters) -Malaysian palm oil futures fell in early trade on Thursday to their lowest in three weeks, tracking weakness in soyoil and palm oil contracts in the Dalian market and a stocks buildup in producing countries.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was down 37 ringgit, or 0.95%, at 3,864 ringgit a metric ton.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 fell 0.44%, while its palm oil contract DCPcv1 was down 0.28%. The Chicago Board of Trade soyoilBOc2 edged up 0.05%.

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

* Malaysia's palm oil stocks jumped to a six-month high in August, as monthly production reached a nine-year high amid a slowdown in exports, the industry regulator said on Tuesday.

* The Malaysian ringgit MYR=, palm's currency of trade, eased 0.14% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

* Indonesia, the biggest palm oil exporter, plans to lower export duties to improve competitiveness and raise farmers' income.

* Oil prices rose during Asian trade on Thursday, spurred by concerns of storm impacting output in the U.S., the world's biggest crude producer, though worries of lower demand capped gains. O/R

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

* Palm oil is poised to break support at 3,856 ringgit per metric ton and fall towards 3,782-3,796 ringgit range, according to Reuters' technical analyst Wang Tao.

MARKET NEWS

* Asian shares bounced on Thursday, tracking a tech-driven rally on Wall Street, while the dollar held onto gains after U.S. core inflation surprised slightly on the upside and dashed hopes of a large Federal Reserve rate cut next week. MKTS/GLOB

DATA/EVENTS (GMT) 1215 EU ECB Refinancing Rate Sept 1215 EU ECB Deposit Rate Sept 1230 US Initial Jobless Clm 7 Sept, w/e 1230 US PPI Machine Manuf'ing Aug

Reporting by Rajendra Jadhav; Editing by Sumana Nandy

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