Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

VEGOILS-Palm loses more than 2% on weaker soyoil prices

06/15/2021 | 11:15pm EDT

JAKARTA, June 16 (Reuters) - Malaysian palm oil futures dropped more than 2% on Wednesday, shedding sharp gains from the previous session, weighed down by a fall in soyoil prices.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange dropped 2.51% to 3,453 ringgit ($838.72) a tonne.

Soyoil contract on the Chicago Board of Trade (CBOT) dipped 0.23%. Soybean oil prices on the Dalian Commodity Exchange dropped 0.42%, while its palm oil contract rose 0.17%.

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 break a resistance at 3,602 ringgit per tonne and rise into a range of 3,691 ringgit to 3,757 ringgit, Reuters technicals analyst Wang Tao said.

FUNDAMENTALS

* Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors.

* U.S. corn futures rose nearly 1% on Wednesday, underpinned by concerns about potential yield losses from recent unfavourable weather.

* Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the U.S. Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money. Wednesday, June 16 DATA/EVENTS (GMT) 0600 UK CPI YY May 0700 China Urban Investment (YTD) YY May 0700 China Industrial Output YY May 0700 China Retail Sales YY May 1230 US Housing Starts Number May 1800 US Federal Open Market Committee announces its decision on interest rates followed by statement

($1 = 4.1170 ringgit)

(Reporting by Bernadette Christina Munthe)


© Reuters 2021
Latest news "Economy & Forex"
07:56aGM, Cruise sue Ford to block use of 'BlueCruise' name for hands-free driving
RE
07:48aChina confirms ban on for-profit tutoring in core school subjects - Xinhua
RE
04:18a"Inflation rates going in the direction of 5%"
PU
03:52aU.S. trade agency drops tariff threat against Vietnam over currency practices
RE
02:58aCHINA READY TO BOOST PRACTICAL COOPERATION WITH RUSSIA : vice-premier
PU
02:58a161ST INCOME TAX DAY : A journey towards Nation Building
PU
02:28aBANK OF TANZANIA : Monetary policy committee statement
PU
12:48aDELEGATION OF EUROPEAN UNION TO GEORGIA : Production of organic tea and fish
PU
12:02aGm, cruise say they will pursue litigation against ford over use of "bluecruise" name for hands-free driving tech
RE
07/23PRIME MINISTER OFFICE OF INDIA : PM's Message at Ashadha Purnima-Dhamma Chakra Day programme
PU
Latest news "Economy & Forex"