Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil set to end seven-day climb on weak Oct exports

KUALA LUMPUR, Oct 11 (Reuters) - Malaysian palm oil futures fell on Tuesday ahead of key data, on course to end a seven-day rally, as slowing early October exports weighed on sentiment.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange slid 65 ringgit, or 1.72%, to 3,771 ringgit ($807.49) a tonne during early trade.

FUNDAMENTALS
Exports of Malaysian palm oil products for October 1-10 fell 17.3% to 350,767 tonnes from 423,912 tonnes, which were shipped during September 1-10, cargo surveyor Intertek Testing Services said on Monday.

The Malaysian Palm Oil Board is scheduled to release September supply and demand data later in the day.

Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 gained 1.3%. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.1%.

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

Oil prices extended nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand.

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm oil may rise to a range of 3,919 ringgit to 4,008 ringgit per tonne, as it has broken a falling trendline and the upper trendline of a small wedge, Reuters technical analyst Wang Tao said.

MARKET NEWS
The MSCI global index of stocks .MIWD00000PUS lost ground in a volatile session on Monday while the dollar gained slightly, as investors braced for high inflation data and the start of corporate earnings season.
By: via Malaysian Palm Oil Council Russia