Malaysian Palm Oil Council Russia's Post

​VEGOILS-Palm tracks crude oil lower, strong export data limits losses

SINGAPORE, Sept 26 (Reuters) - Malaysian palm oil futures fell on Tuesday amid easing crude oil prices, although losses were limited by recovering rival oils and strong export data.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 18 ringgit, or 0.5% to 3,698 ringgit ($789.50) a metric ton in morning trade.

FUNDAMENTALS
According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for Sept. 1-25 rose 17.5% to 1.1 million tons from 974,235 tons shipped during Aug. 1-25.

According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products rose 15.2% to 1.09 million tons from 945,155 tons shipped during August 1 - 25 during the same period.

The U.S. Department of Agriculture (USDA) reported that soybean harvests advanced more slowly last week than analysts had expected.

Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 was up 0.1%. Soyoil prices on the Chicago Board of Trade BOcv1 climbed 0.3%.

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

Oil prices slipped in early trade amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight.

The Malaysian ringgit MYR=, palm's currency of trade, was flat against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

According to Refinitiv Commodities Research, a worsening drying trend will emerge in October for Indonesia, the biggest palm oil producer in the world.

Palm oil is biased to rest a support zone of 3,636 ringgit to 3,650 ringgit per metric ton, a break below which could open the way towards 3,561 ringgit, said Reuters technical analyst Wang Tao.

MARKET NEWS
U.S. Treasury yields scaled a fresh 16-year peak on Tuesday, underpinning the dollar near a 10-month summit, as investors responded to the message from the Federal Reserve and other major central banks of rates staying elevated for longer.
By: via Malaysian Palm Oil Council Russia