Palm oil extends gains as ringgit weakens, Dalian oils rise

European Union palm oil imports over July 1-12, the first two weeks of the 2020/21 season, were 137,800 tonnes, down 19% from the previous season, official EU data showed on Monday.

Agencies
Dalian's most-active soyoil contract rose 0.24%, while its palm oil contract was up 1.6%. Soyoil prices on the Chicago Board of Trade were down 0.94%.
Malaysian palm oil futures rose for a third straight session on Tuesday, lifted by a weaker ringgit and stronger Dalian oils while investors waited for export data from cargo surveyors.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 11 ringgit, or 0.45%, to 2,440 ringgit ($571.83) in early trade.

The contract gained 0.7% in the previous session to a near three-week closing high.


Cargo surveyors are expected to release their July 1-15 export data on Wednesday.

FUNDAMENTALS

The ringgit, palm's currency of trade, weakened 0.16% against the dollar, making the vegetable oil cheaper for holders of foreign currency.
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European Union palm oil imports over July 1-12, the first two weeks of the 2020/21 season, were 137,800 tonnes, down 19% from the previous season, official EU data showed on Monday.

Dalian's most-active soyoil contract rose 0.24%, while its palm oil contract was up 1.6%. Soyoil prices on the Chicago Board of Trade were down 0.94%.

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 test a support at 2,404 ringgit per tonne, with a good chance of breaking below this level and falling to 2,383 ringgit, Reuters technical analyst Wang Tao said.
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