VEGOILS-Palm set to snap 6-day rally on ringgit strength, U.S. soyoil gains By Reuters


VEGOILS-Palm set to snap 6-day rally on ringgit strength, U.S. soyoil gains

KUALA LUMPUR, Aug 14 (Reuters) – Malaysian palm oil futures opened lower on Wednesday morning, after six sessions of gains, due to a stronger ringgit and on weaker overnight soyoil on the U.S. Chicago Board of Trade (CBOT).

The benchmark palm oil contract for October delivery FCPOc3 on the Bursa Malaysia Derivatives Exchange was last down 0.5% at 2,202 ringgit ($526.16) per tonne.

U.S. soyoil futures on the CBOT BOc2 closed down 1.7% on Tuesday, but was last up 0.6% as of 0322 GMT on Wednesday.

The ringgit strengthened 0.3% to 4.1850 against the dollar on Wednesday. A stronger ringgit usually weakens palm oil prices by making it more expensive for foreign buyers.

FUNDAMENTALS

* Chicago soybean futures climbed for a second session on Wednesday, supported by easing U.S.-China trade tensions and concerns over dry weather in parts of the U.S. Midwest. GRA/

* Oil prices fell on Wednesday after industry data showed inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods. O/R

MARKET NEWS

* Asian stocks joined a global equities surge on Wednesday, after Washington delayed tariffs on some Chinese imports and gave much-needed relief for markets gripped by political and economic turmoil. MKTS/GLOB

* U.S. stocks closed higher on Tuesday after an announcement on delay of planned tariffs on some Chinese imports brought buyers back to the equities market in a broad-based rally. .N

* The yen rose on Wednesday as weaker-than-expected Chinese economic data reinforced the view that resolving the trade war was a long way off even if U.S. President Donald Trump had delayed some additional tariffs. USD/

DATA/EVENTS 0130 Australia Wage Price Index QQ, YY

Q2 0200 China

Urban Investment y-to-d YY

July 0200 China

Industrial Output YY

July 0200 China

Retail Sales YY

July 0600 Germany

GDP Flash QQ SA, YY NSA

Q2 0630 India

WPI Inflation YY

July 0645 France

CPI (EU Norm) Final MM, YY

July 0830 UK

CPI YY

July 0900 EU

GDP Flash Estimate QQ, YY

Q2

Palm, soy and crude oil prices at 0322 GMT Contract

Month Last Change

Low

High Volume MY PALM OIL

AUG9

0

+0.00

0

0

0 MY PALM OIL

SEP9

2172 -12.00 2158

2172

1065 MY PALM OIL

OCT9

2201 -11.00 2183

2205

9265 CHINA PALM OLEIN SEP9

4682

+2.00 4606

4750 96184 CHINA SOYOIL

SEP9

5990 -64.00 5890

6090 149980 CBOT SOY OIL

SEP9 29.33

+0.16 29.2

29.33

288 INDIA PALM OIL

AUG9

0.00

+0.00 0.00

0

0 INDIA SOYOIL

AUG9

0

+0.00

0

0

0 NYMEX CRUDE

SEP9 56.43

-0.67 56.40

56.85 26174 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1850 ringgit) ($1 = 71.4060 Indian rupees) ($1 = 7.0234 Chinese yuan)

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