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apple developer(buyappleacc.com):VEGOILS-Palm oil drops 1.1% on profit-booking

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KUALA LUMPUR, Aug 12 - Malaysian palm oil futuresfell 1.11% on Thursday, retreating a day after posting theirbiggest jump in 11 years, lifted by data showing alarger-than-expected drop in July stockpile and tighteningproduction.

The benchmark palm oil contract for Octoberdelivery on the Bursa Malaysia Derivatives Exchange lost 50ringgit, or 1.11%, at 4,461 ringgit ($1,053.61) a tonne in earlytrade. It had jumped 7.4% on Wednesday in its best-ever intradaygain since 2009.

FUNDAMENTALS

* End-July palm oil stockpiles in Malaysia, the world'ssecond-largest producer, fell 7.3% from a month earlier to 1.5million tonnes, according to Malaysian Palm Oil Board (MPOB)data released on Wednesday.

* A Reuters survey showed stockpiles were earlier expectedto rise 1.6% from the month before to 1.64 million tonnes, whileproduction and exports are both seen declining 4%.

* Dalian's most-active soyoil contract rose 1.3%and while its palm oil contract gained 2.6%. Soyoilprices on the Chicago Board of Trade were down 0.2%.

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

* Palm oil may test a resistance at 4,587 ringgit per tonne,a break above which could lead to a gain to 4,698 ringgit,Reuters technical analyst Wang Tao said.

* Traders are awaiting data from U.S. Department ofAgriculture, which is set to issue an update on global grainsupplies and demand in a monthly report on Thursday.

MARKET NEWS

* Asian shares failed to follow a strong close on WallStreet, with fears about the spread of the Delta variant of thecoronavirus weighing on sentiment even as tame U.S. inflationeased fears the Federal Reserve would rush to reduce itseconomic support.

($1 = 4.2340 ringgit) REUTERS


转载说明:本文转载自Sunbet。

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