JAKARTA, Nov 23 (Reuters) – Malaysian palm oil futures rebounded on Tuesday after falling for two straight sessions, as they tracked rival oils that rose on strengthening exports and persisting concerns of supply crunch.
The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.03% to 5,010 ringgit ($1,196.28) during early trade on Tuesday.
FUNDAMENTALS
* Dalian’s most-active soyoil contract DBYcv1 climbed 1.13% and its palm oil contract DCPcv1 rose 0.94%. Soybean oil prices on the Chicago Board of Trade for January delivery BOc2 were up 0.27%.
* U.S. corn and soybeans futures followed wheat higher, with additional support from a waning U.S. harvest and strong domestic demand from ethanol makers and soy processors. GRA/
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil looks neutral in a range of 4,926 ringgit to 5,002 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Oil prices dropped on growing talk that the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe. O/R
* Asia stocks were mostly lower, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the U.S. will taper its stimulus soon. MKTS/GLOB
DATA/EVENTS (GMT)
0700 Germany GDP Flash QQ SA Q4
0700 Germany GDP Flash YY NSA Q4
0815 France Markit Mfg, Serv, Comp Flash PMIs Nov
0830 Germany Markit Mfg, Serv, Comp Flash PMIs Nov
0900 EU Markit Mfg, Serv, Comp Flash PMIs Nov
0930 UK Flash Comp, Mfg, Serv PMIs Nov
1445 US Markit Mfg, Serv, Comp Flash PMIs Nov
($1 = 4.1880 ringgit)
cpohttps://tmsnrt.rs/3l39N8K
(Reporting by Fransiska Nangoy; editing by Uttaresh.V)
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