Malaysian Palm Oil Council Russia's Post

​VEGOILS-Malaysian palm oil tracks rival Dalian edible oils over 1% lower

SINGAPORE, Aug 22 (Reuters) - Malaysian palm oil futures fell on Tuesday following a dip in rival Dalian edible oils, although strong export data helped limit losses.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange slid 60 ringgit, or 1.52%, to 3,876 ringgit ($833.91) per metric ton in early trade, erasing gains from the prior session.

FUNDAMENTALS
Exports of Malaysian palm oil products for Aug. 1-20 rose between 9.8% and 17.4% from the same period a month earlier cargo surveyors Intertek Testing Services and Amspec Agri said.

Dalian's most-active soyoil contract DBYcv1 dipped 0.4%, while its palm oil contract DCPcv1 lost 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 edged up 0.1%.

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, has been hovering near a more than one-month low since last Thursday. A weaker ringgit makes palm oil more attractive for foreign currency holders.

Palm oil may retest a support of 3,861 ringgit per metric ton, a break below which could open the way towards 3,778 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Treasury yields hit new decade highs in Asia on Tuesday as traders grew wary of how long interest rates might need to stay elevated, with the higher risk-free rate putting a dampener on stocks even as beaten-down Chinese markets attempted a rebound.

Oil prices were up in early trade ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside.
By: via Malaysian Palm Oil Council Russia