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 snaps six-day losing streak, rises 2%

06/14/2021 | 11:28pm EDT

SINGAPORE, June 15 (Reuters) - Malaysian palm oil futures rose 2% on Tuesday after six days of consecutive losses, as traders bought oversold contracts, although gains were capped by cheaper rival oils.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 68 ringgit, or 2%, to 3,443 ringgit ($837.51) a tonne. 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.

CBOT soybean futures lost more ground on Tuesday, setting it for a fifth straight decline.

Soybean oil and palm oil on the Dalian fell 6.1% and 7.6%, 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.

FUNDAMENTALS

* Oil prices rose, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. Tuesday, June 15 DATA/EVENTS (GMT) 0600 Germany HICP Final YY May 0600 UK Claimant Count Unem Chng May 0600 UK ILO Unemployment Rate April 0645 France CPI (EU Norm) Final MM, YY May 1000 EU Reserve Assets Total May 1230 US Retail Sales MM May 1315 US Industrial Production MM May ($1 = 4.1110 ringgit)

(Reporting by Fathin Ungku; editing by Uttaresh.V)


© Reuters 2021
Latest news "Economy & Forex"
02:08aIFC INTERNATIONAL FINANCE : and HDFC Partner to Promote Affordable Green Housing Finance for Low-income Borrowers in India
PU
01:32aEast China braces for typhoon In-fa after flooding in country's centre
RE
07/25East China braces for typhoon In-fa after flooding in country's centre
RE
07/24PRIME MINISTER OFFICE OF SINGAPORE : DPM Heng Swee Keat at the National Economics and Financial Management Challenge 2021
PU
07/24ECLAC : Latin America and the Caribbean Should Develop Regional Platforms for Producing and Distributing Vaccines and Medicines
PU
07/24Tokyo Olympics opening draws 16.7 million U.S. TV viewers, a 33-year low
RE
07/24U.S. judge rules Lithium Americas may excavate Nevada mine site
RE
07/24Robinhood CEO says he is considering offering U.S. retirement accounts
RE
07/24UK will be exposed to paying pandemic cost risks for decades-report
RE
07/24FISCAL POLICY HAS KEY ROLE IN GREEN DEVELOPMENT : vice-minister
PU
Latest news "Economy & Forex"