Palm oil opens up tracking Dalian, stronger ringgit
By Dewi Kurniawati
JAKARTA, Sept 6 (Reuters) -Malaysian palm oil futures rose on Friday, tracking soyoil and palm oil contract at the Dalian market and a stronger ringgit.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was up 9 ringgit, or 0.23%, at 3,926 ringgit ($906.07) a metric ton, as of 0232 GMT.
The contract has declined 1.46% so far this week.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.34%, while its palm oil contract DCPcv1 was up 0.97%. The Chicago Board of Trade BOcv1 declined 0.8%.
* Palm oil tracks 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, gained 0.1% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.
* Malaysia's palm oil inventories are expected to have climbed to a six-month high at end-August due to lacklustre export demand, a Reuters survey showed.
* Indonesia, the biggest palm oil exporter, plans to lower export duties to improve competitiveness and raise farmers' income.
* Malaysia's August palm oil exports are seen at 1,376,412 metric tons, according to Amspec Agri.
* Exports of Malaysian palm oil products fell 9.9% to 1,445,442 tons in August from 1,604,578 tons in July, cargo surveyor Intertek Testing Services said.
* Oil prices edged up as investors weighed a big U.S. crude inventories withdrawal and a delay to production hikes by OPEC+ producers against mixed U.S. employment data. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Palm oil FCPOc3 may retest support at 3,864 ringgit, a break below which could trigger a fall into the 3,777-3,821 ringgit range, according to Reuters' technical analyst Wang Tao.
MARKET NEWS
* Asian shares clung to tight ranges and the dollar nursed losses, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of U.S. rate cuts. MKTS/GLOB
DATA/EVENTS (GMT)
0600 Germany Industrial Output MM July
0600 Germany Industrial Production YY SA July
0600 UK Halifax House Prices MM August
0600 UK Halifax House Prices YY August
0645 France Reserve Assets Total August
0900 EU GDP Revised QQ Q2
0900 EU GDP Revised YY Q2
1230 US Non-Farm Payrolls August
1230 US Unemployment Rate August
1230 US Average Earnings YY August
($1 = 4.3330 ringgit)
Reporting by Dewi Kurniawati
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
Eng oxirgi yangiliklar
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