Palm oil edges higher on bargain buying, low stockpile
Corrects milestone in lede to seven-month low, not seven years
SINGAPORE, Aug 15 (Reuters) -Malaysian palm oil futures firmed on Thursday for the second straight session, underpinned by tighter inventories and bargain buying after the contract touched a more than seven-month lowin the previous session.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit, or 0.27%, to 3,733 ringgit ($842.66) a metric ton as of 0235 GMT.
FUNDAMENTALS
* Palm oil and soyoil imports in India, the world's top importer of vegetable oils, climbed to near one-highs in July, as refiners increased purchases for upcoming festivals amid a correction in prices, the Solvent Extractors' Association of India (SEA) said on Wednesday.
* Malaysia's palm oil stocks at the end of July fell 5.35% from the previous month to 1.73 million metric tons, the lowest since March, the Malaysian Palm Oil Board (MPOB) said on Monday.
* Dalian's most-active soyoil contract DBYcv1 gained 0.96% after falling for three consecutive sessions, while its palm oil contract DCPcv1 strengthened 1.05%. Soyoil prices on the Chicago Board of Trade BOcv1 ticked up 0.15%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.34% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.
* Oil prices rose, recovering some of the previous day's loss, on hopes of potential U.S. interest rate cuts boosting economic activity and fuel demand, though lingering concerns over slower global demand capped gains. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Palm oil may edge up to resistance at 3,764 ringgit per metric ton, where a wave 4 peaked, said Reuters technical analyst Wang Tao. TECH/C
MARKET NEWS
* Asian stocks were firm, while the dollar remained on the back foot amid lower U.S. Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month. MKTS/GLOB
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD)YY July
0200 China Retail Sales YY July
0800 China Unemp Rate Urban Area July
0600 UK GDP Est 3M/3M June
0600 UK GDP Estimate MM June
0600 UK GDP Estimate YY June
0600 UK Services MM June
0600 UK Services YY June
0600 UK Manufacturing Output MM June
0600 UK GDP Prelim QQ Q2
0600 UK GDP Prelim YY Q2
1230 US Import Prices YY July
1230 US Initial Jobless Clm 10 Aug, w/e
1230 US Philly Fed Business Indx August
1230 US Retail Sales MM July
131 US Industrial Production MM July
($1 = 4.4300 ringgit)
Reporting by Gabrielle Ng; 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
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.