VEGOILS-Palm oil tumbles 3% tracking weaker Dalian, soyoil Read more at https://www.todayonline.com/world/vegoils-palm-oil-tumbles-3-tracking-weaker-dalian-soyoil

KUALA LUMPUR, Feb 3 – Malaysian palm oil futures slumped 3% on Wednesday, tracking rivals Dalian and soyoil, weighed by fears of continuing weak exports.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slid 102 ringgit, or 3%, to 3,289 ringgit a tonne during early trade.

Palm fell 2.8% in the previous session.

FUNDAMENTALS

* Exports of Malaysian palm oil products for January declined between 32% and 37% from December, cargo surveyors said on Monday, and traders are now concerned the weak exports would spillover to this month.

* Dalian’s most-active soyoil contract fell 2.3%, while its palm oil contract slipped 2.6%. Soyoil prices on the Chicago Board of Trade were down 1.3%.

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

* Palm oil may fall to 3,322 ringgit per tonne, as it has cleared a support at 3,422 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares and U.S. stock futures rose on Wednesday as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programmes accelerated.

DATA/EVENTS

0145 China Caixin Services PMI Jan

0500 India IHS Markit Serv PMI Jan

0600 Russia Markit Services PMI Jan

0700 UK Reserve Assets Total Jan

0850 France Markit Serv, Comp PMI Jan

0855 Germany Markit Serv, Comp Final PMI Jan

0900 EU Markit Serv, Comp Final PMI Jan

1000 EU HICP Flash YY Jan

1000 EU HICP-X F&E Flash YY Jan

1300 Brazil Markit Serv, Comp PMI Jan

1445 US Markit Serv, Comp Final PMI Jan

1500 US ISM N-Mfg PMI Jan

($1 = 4.0440 ringgit)

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Tags: Malaysia