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VEGOILS-Palm heading for first daily gain after six-day losing streak

06/15/2021 | 01:17am EDT

SINGAPORE/JAKARTA, June 15 (Reuters) - Malaysian palm oil futures rose 1.69% on Tuesday after six days of consecutive losses, supported by bargain buying, although the gains were capped by cheaper rival oils.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 1.69% to 3,432 ringgit ($834.22) a tonne by midday Tuesday. The contract dropped 7.8% to its lowest in more than four months on Monday.

Capping gains, however, were cheaper rival oils on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange.

"Weak (oil prices in) Dalian kept buyers at bay. Further drop in soybean oil could limit any gains in palm market," a Kuala Lumpur-based trader told Reuters.

CBOT soybean futures lost more ground on Tuesday, setting it for a fifth straight decline with its soyoil contract dropped 0.44%.

Soybean oil and palm oil prices on the Dalian fell 5.98% and 7.78%, respectively.

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 extend its loss to a support at 3,195 ringgit per tonne, around which it may pause the steep fall and start a bounce, Reuters technicals analyst Wang Tao said.

($1 = 4.1140 ringgit)

(Reporting by Fathin Ungku, Bernadette Christina Munthe; Editing by Uttaresh.V and Shailesh Kuber)

ę Reuters 2021
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