Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm retreats on weaker U.S. soyoil, ringgit rally

JAKARTA, Dec 1 (Reuters) - Malaysian palm oil futures fell on Thursday after three straight sessions of gains, dragged down by weaker U.S. soyoil prices and a stronger ringgit.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange fell 1.89% to 4,154 ringgit ($941.95) a tonne in early trade.

FUNDAMENTALS
Palm exports from Malaysia in November rose between 1.7% and 5.6% from the month before, according to data from cargo surveyors Intertek Testing Services and Amspec Agri.

Soyoil prices on the Chicago Board of Trade BOc2 were down 3.09%. Dalian's most active soyoil contract DBYv1 rose 0.15%, while its palm oil contract DCPv1 fell 0.42%.

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

The ringgit MYR= gained 0.74% against the U.S. dollar after a 1.37% rally on Wednesday, touching its strongest since July. A stronger ringgit makes palm oil less attractive for holders of foreign currencies.

Palm oil may retest a resistance at 4,329 ringgit a tonne, a break above which could lead to a gain into 4,400-4,497 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Oil prices nosed ahead in early Asian trade, lifted by signs of tighter supply and by optimism over a Chinese demand recovery.

Asian equities jumped, while the dollar slid as investors poured into risky assets after Federal Reserve Chair Jerome Powell opened the door to a slowdown in the pace of monetary tightening.
By: via Malaysian Palm Oil Council Russia