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apple developer account(buyappleacc.com):VEGOILS-Palm oil falls over 2% on expectations of higher output

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KUALA LUMPUR, Aug 18 - Malaysian palm oil futuresslumped more than 2% on Wednesday, hitting a one-week low, onanticipation of an increase in production and bleak demandoutlook.

The benchmark palm oil contract for Novemberdelivery on the Bursa Malaysia Derivatives Exchange slid 120ringgit, or 2.72%, to 4,288 ringgit ($1,012.16) a tonne duringearly trade, after rallying to a record high last week.

FUNDAMENTALS

* The market is hopeful for a rise in Malaysia's palm oilproduction amid the seasonal peak production season. TheSouthern Peninsula Palm Oil Millers' Association earlier thisweek forecast a 10.6% rise in August 1-15 production, accordingto traders.

* Export shipments during the first half of August plungedbetween 15% and 24% from the month before, cargo surveyors datashowed on Monday.

* Dalian's most-active soyoil contract fell 2%,while its palm oil contract eased 3.7%. Soyoil priceson the Chicago Board of Trade were down 0.6%.

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

* Palm oil may fall to 4,261 ringgit per tonne, as suggestedby a triple-top, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares held near year-to-date lows on Wednesday asovernight declines on Wall Street reinforced worries about theeconomic impact of the Delta coronavirus variant sweepingthrough the region.

DATA/EVENTS (GMT)

0130 Australia Wage Price Index QQ, YY Q2

0600 UK CPI YY July

0900 EU HICP Final MM, YY July

1230 US Housing Starts Number July

1800 US Federal Open Market Committee will release

the minutes from its July 27-28, 2021 policy meeting($1 = 4.2365 ringgit) REUTERS


转载说明:本文转载自Sunbet。

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