VEGOILS-Palm gains over 1% on stronger Dalian, lower than forecast output By Reuters


VEGOILS-Palm gains over 1% on stronger Dalian, lower than forecast output

KUALA LUMPUR, Aug 22 (Reuters) – Malaysian palm oil futures rose over 1% on Thursday morning, tracking gains in related edible oils on China’s Dalian Commodity Exchange, and lower-than-expected palm production.

The benchmark palm oil contract for November delivery FCPOc3 on the Bursa Malaysia Derivatives Exchange was last up 1.1% at 2,232 ringgit ($534.35) per tonne.

The September soyoil contract on the Dalian exchange DBYU9 was last up 0.2% on Thursday, while the Dalian September palm oil contract DCPU9 rose 1.6%.

Data released by a state millers association showed slowing output growth for the first 20 days of August versus the corresponding period last month, according to traders.

FUNDAMENTALS

* Palm oil may test a resistance at 2,243 ringgit per tonne, a break above which could lead to a gain to 2,286 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. TECH/C

* Chicago corn futures rose for a second session on Thursday as prices were underpinned by strong demand, while the market focus is on a widely watched crop tour which is expected to forecast U.S. production at the end of this week. GRA/

* Oil prices edged higher on Thursday after a drawdown in inventories, but lingering concerns over the global economy and a build-up in U.S. refined product stocks kept a lid on gains. O/R

MARKET NEWS

* Asian shares were flat on Thursday as uncertainty over the outlook for both U.S. interest rates and the chance of global fiscal stimulus sucked the life out of markets. MKTS/GLOB

* Wall Street’s main indexes rose on Wednesday as upbeat earnings from retailers pointed to strength in U.S. consumer demand, and held gains after minutes from last month’s Federal Reserve meeting showed policymakers had debated a more aggressive interest rate cut. .N

* The dollar held gains on Thursday after minutes from the Federal Reserve’s last policy meeting hosed down some aggressive expectations the central bank would embark on a series of deep interest rate cuts. USD/ ($1 = 4.1770 ringgit) ($1 = 71.4270 Indian rupees) ($1 = 7.0684 )

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