June 23, 2020 / 3:51 AM / 14 days ago

VEGOILS-Palm oil up on higher June exports, U.S.-China trade tensions cap gains

KUALA LUMPUR, June 23 (Reuters) - Malaysian palm oil futures firmed on Tuesday supported by a surge in exports in June as countries relax their coronavirus-led curbs, but jitters over confusing comments from the White House on the U.S.-China trade deal capped gains.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.61%, to 2,460 ringgit ($575.84) a tonne during early trade.

FUNDAMENTALS

* Exports in June 1-20 rose between 55.3% and 57%, according to cargo surveyors.

* The Malaysian Palm Oil Council on Monday said exports are likely to increase further in the second half of the year.

* European Union palm oil imports in the 2019/20 season that started last July were down 11% at 5.55 million tonnes by June 21, official EU data showed.

* Markets were spooked by surprise comments from White House trade adviser Peter Navarro saying a hard-won U.S-China trade deal was “over”, although he later said his comments had been taken out of context.

* Dalian’s most-active soyoil contract fell 0.24%, while its palm oil contract was down 0.43%. Soyoil prices on the Chicago Board of Trade dropped 0.24%.

* 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 retreat moderately to a support at 2,408 ringgit, following its two failures to break a resistance at 2,479 ringgit per tonne, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian stocks were set to edge up on Tuesday after oil prices rose and technology firms pushed Wall Street higher, although investors remained worried about fresh coronavirus outbreaks across the globe.

DATA/EVENTS (GMT)

0715 France Markit Mfg, Serv, Comp Flash PMIs June

0730 Germany Markit Mfg, Serv, Comp Flash PMIs June

0800 EU Markit Mfg, Serv, Comp Flash PMIs June

0830 UK Flash Composite PMI June

0830 UK Flash Manufacturing, Services PMIs June

1345 US Markit Mfg, Serv, Comp Flash PMIs June

1400 US New Home Sales-Units May

($1 = 4.2720 ringgit)

Reporting by Mei Mei Chu; Editing by Amy Caren Daniel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below