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buy apple developer account :VEGOILS-Palm oil slumps 4% to over one-week low as July exports decline

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KUALA LUMPUR, Aug 2 - Malaysian palm oil futuresfell about 4% on Monday to a more than one-week low, weigheddown by a drop in July exports and weakness in competing oils onthe Dalian and Chicago exchanges.

The benchmark palm oil contract for Octoberdelivery on the Bursa Malaysia Derivatives Exchange slid 185ringgit, or 4.23%, to 4,184 ringgit ($990.53) a tonne in earlytrade to hit its lowest since July 23 after rising 2.3% lastweek.

FUNDAMENTALS

* Exports of Malaysian palm oil products for July fellbetween 5.0% and 7.7% from June, cargo surveyors said onSaturday.

* Oil prices fell by more than $1 on worries over China'seconomy after a survey showed growth in factory activity slippedsharply in the world's second-largest oil consumer, withconcerns compounded by a rise in oil output from OPEC producers.

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

* Dalian's most-active soyoil contract fell 3.1%,while its palm oil contract slipped 3.3%. Soyoil priceson the Chicago Board of Trade were down 0.7%.

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

* Palm oil may fall to 4,287 ringgit per tonne, as it failedagain to rise above the May 12 high of 4,525 ringgit, Reuterstechnical analyst Wang Tao said.

MARKET NEWS

* Asian shares face another tough week as Beijing'sregulatory crackdown fans fears about China's economy, thoughupbeat economic data in the United States and Europe and solidcorporate earnings put a floor under their markets.

DATA/EVENTS

0030 Japan Jaibun Bank Mfg PMI

0145 China Caixin Mfg PMI Final

0750 France Markit Mfg PMI

0755 Germany Markit/BME Mfg PMI

0800 EU Markit Mfg Final PMI

0830 UK Markit/CIPS Mfg PMI Final

1345 US Markit Mfg PMI Final

1400 US ISM Manufacturing PMI

($1 = 4.2240 ringgit) REUTERS


转载说明:本文转载自Sunbet。

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