SINGAPORE, June 14 (Reuters) – Malaysian palm oil futures fell for a sixth straight session on Monday, hitting their lowest in additional than 4 months, as rival soyoil on the Chicago Board of Commerce (CBOT) declined.
The benchmark palm oil contract FCPOc3 for August supply on the Bursa Malaysia Derivatives Trade fell 205 ringgit, or 5.7%, to three,454 ringgit a tonne in early commerce, heading for its largest each day drop in a month.
Final week, the contract posted its first weekly drop in three weeks, falling 11.3%.
“Bursa Malaysia Derivatives Trade crude palm oil futures are buying and selling sharply decrease following bearish momentum in CBOT soy oil futures,” stated Anilkumar Bagani, analysis head of Mumbai-based vegetable oils dealer Sunvin Group.
CBOT soybean and soyoil costs fell greater than 2% every, weighed down by a attainable U.S. transfer to scale back biodiesel manufacturing.
Palm oil is affected by worth actions in associated oils as they compete for a share within the international vegetable oils market.
Palm oil might take a look at a assist at 3,602 ringgit to three,635 ringgit per tonne, a break beneath which might open the best way in direction of the vary of three,447-3,506 ringgit, Reuters technicals analyst Wang Tao stated. TECH/C
FUNDAMENTALS
* World shares held agency close to file highs whereas U.S. bond yields flirted with three-month lows as traders anticipate the Federal Reserve to stay to its dovish mantra later this week. MKTS/GLOB
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0630 India WPI Inflation YY Could
0900 EU Industrial Manufacturing MM, YY April
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(Reporting by Fathin Ungku; Enhancing by Subhranshu Sahu)
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