Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm rebounds, Indonesia levy waiver weighs

KUALA LUMPUR, Aug 29 (Reuters) - Malaysian palm oil futures rose on Monday, rebounding from a two-session decline, but top producer Indonesia's extension of its export levy waiver weighed on sentiment.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.72%, to 4,204 ringgit ($937.14) a tonne during early trade.

Palm is set for a short trading week, as the Malaysia bourse will be closed on Wednesday for a public holiday.

FUNDAMENTALS
Indonesia raised its 2022 biodiesel allocation to 11.03 million kilolitres from 10.15 million, following an expectation of rising diesel consumption in the fourth quarter this year, chief economic minister, Airlangga Hartarto, said.

The world's biggest producer also decided to extend its export levy waiver until Oct. 31.

Dalian's most-active soyoil contract DBYcv1 fell 0.1%, while its palm oil contract DCPcv1 fell 0.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%.

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

Palm oil may test a support at 4,085 ringgit per tonne, a break below may open the way towards 3,857 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares slid, as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations.
By: via Malaysian Palm Oil Council Russia