Palm up on stronger rival soyoil, weaker ringgit
KUALA LUMPUR: Malaysian palm oil futures opened higher on Monday, snapping two consecutive sessions of declines, supported by stronger rival soyoil and a weaker ringgit.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained RM37, or 0.97 per cent, to RM3,852 (US$894.36) a metric ton in early trade.
FUNDAMENTALS
Dalian's most-active soyoil contract rose 0.46 per cent, while its palm oil contract shed 0.05 per cent. Soyoil prices on the Chicago Board of Trade were up 0.14 per cent.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
The ringgit, palm's currency of trade, weakened 0.37 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Oil prices were little changed with investors eyeing the outcome of Iran-US nuclear talks and key economic data due from China to assess the impact on its commodities demand following trade tensions with the United States.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
The Indonesia Palm Oil Association urged the government to delay a planned hike in the palm oil export levy, warning it could harm competitiveness amid global trade uncertainties due to the US tariffs and geopolitical tensions.
Palm oil may slide a bit further to RM3,763 per metric ton, around the bottom of a wave b, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian shares slipped on Monday as a mixed bag of Chinese economic data showed the domestic economy was struggling even as US tariffs began to bite into exports, while the White House kept up its rhetorical pressure on trade partners.
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