VEGOILS-Palm oil slips for second day as rival oils weaken

  • Reuters
  • Commodities News
VEGOILS-Palm oil slips for second day as rival oils weaken

KUALA LUMPUR, Oct 28 (Reuters) - Malaysian palm oil futures fell for a second straight session on Wednesday, tracking rival oils, although expectations of lower output limited losses.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange slid 30 ringgit, or 1%, to 3,035 ringgit ($729.04) a tonne during early trade.

The Malaysian bourse will be closed on Thursday for a public holiday.

FUNDAMENTALS

* Indonesia sets crude palm oil export tax at $3 per tonne for November, unchanged from October, Trade Ministry document showed on Tuesday night. Palm oil imports into the European Union and Britain in the 2020/21 season that started on July 1 stood at 1.95 million tonnes by Oct. 25, up 3% from the previous season, official EU data showed on Tuesday. Global palm oil stocks will decline by one million tonnes this year, before recovering by 2.7 million tonnes in 2021, said Ivy Ng, regional head of plantations research at CGS-CIMB Research, in a conference on Tuesday.

* Dalian's most-active soyoil contract DBYc3 was down 0.7% and its palm oil contract DCPc4 slipped 0.4%. Soyoil prices on the Chicago Board of Trade BOc1 fell 0.9%.

* 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 3,051-3,096 ringgit per tonne, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian markets looked set for another weaker open on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy. MKTS/GLOB

DATA/EVENTS

0030 Australia CPI QQ, YY

Q3

0030 Australia RBA Weighted Medn CPI QQ, YY Q3

0030 Australia RBA Trimmed Mean CPI QQ, YY Q3

1045 Germany

Economy Minister Peter Altmaier presents

the government's biannual economic projection in Berlin

Bank of Japan holds Monetary Policy Meeting (to Oct. 29)

($1 = 4.1630 ringgit)

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