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Palm oil gains on stronger overnight US soyoil, India import outlook


Date: 23-07-2019
Subject: Palm oil gains on stronger overnight US soyoil, India import outlook
Malaysian palm oil futures rose on July 22, tracking overnight gains in US soyoil on the Chicago Board of Trade (CBOT) and supported by expectation that Indian edible oil imports could jump to record levels this year.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.6% at 1,983 ringgit ($482.25) per tonne, heading for its first session of gain in three.

Palm oil may rise to 2,001 ringgit per tonne, as suggested by a projection analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

"The market is up tracking US soyoil, while news from India also aided the market," said a Kuala Lumpur-based trader.

India's edible oil imports are likely to rise 7.3% in 2019/20 to a record high as scanty monsoon rains are expected to curtail yields of summer-sown oilseeds such as soybeans and groundnut, said a senior industry official.

India is the world's largest edible oil consumer, and counts palm oil as one of its key imports.

In related oils, US soyoil futures jumped 1.6% on July 19, but were down 0.4% as of 0446 GMT on July 22.

Chicago corn and soybean futures settled up on July 19 as investors weighed trade talks between the United States and China and expected cooler US weather against uncertainty over acreage levels following a rain-soaked spring.

Meanwhile, the September soyoil contract on the Dalian exchange rose 0.2% and the Dalian September palm oil contract gained 0.5%.

Palm oil prices are affected by movements in related oils that compete for a share of the global vegetable oils market.

Source: moneycontrol.com