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buy apple developer account(buyappleacc.com):VEGOILS-Palm oil ticks lower as crude oil drops

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KUALA LUMPUR, Aug 9 - Malaysian palm oil futureseased on Monday, weighed down by steep losses in crude oil asinvestors awaited August export data and Malaysian Palm OilBoard data due this week.

The benchmark palm oil contract for Octoberdelivery on the Bursa Malaysia Derivatives Exchange slid 26ringgit, or 0.61%, to 4,248 ringgit ($1,006.04) a tonne duringearly trade, extending last week's 2% loss.

Bursa Malaysia will be closed on Tuesday for a publicholiday.

FUNDAMENTALS

* Oil prices dropped 2% on the back of a rising U.S. dollarand concerns that new pandemic curbs in Asia, especially China,may set back the global recovery in fuel demand.

* Weaker crude oil futures make palm a less attractiveoption for biodiesel feedstock.

* The Malaysian Palm Oil Board (MPOB) is scheduled toannounce July supply and demand data on Wednesday, while cargosurveyors are expected to release data on Aug. 1-10 exportshipments.

* Malaysia's palm oil stockpile at the end of July likelyexpanded to its highest in 10 months, as a drop in exportsoffset a decline in production, a Reuters survey showed onThursday.

* Dalian's most-active soyoil contract gained 0.7%,while its palm oil contract rose 0.7%. Soyoil prices onthe Chicago Board of Trade were up 0.6%.

* Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market.

MARKET NEWS

* Asian shares wobbled on Monday amid sharp losses in goldand oil prices, while the dollar reached four-month highs on theeuro after an upbeat U.S. jobs report lifted bond yields.

DATA/EVENTS (GMT)

0900 Germany ZEW Economic Sentiment Aug

0900 Germany ZEW Current Conditions Aug

1200 Brazil IPCA Inflation Index MM July REUTERS


转载说明:本文转载自Sunbet。

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