VEGOILS Palm rebounds after ringgit weakens, up over 1%

  • 11/24/2021
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SINGAPORE, Nov 24 (Reuters) - Malaysian palm oil futures rebounded on Wednesday after falling for three straight sessions, as a weaker ringgit made the edible oil more attractive to holders of foreign currency. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 58 ringgit, or 1.2% to 5,909 ringgit ($1,405.57) during early trade. The ringgit fell 0.12 . Capping gains, however, were cheaper prices of rival oils. Dalian"s most-active soyoil contract fell 0.8%, while its palm oil contract traded 1.4% lower. Soybean oil prices on the Chicago Board of Trade for January delivery , however, were up 0.7%. Palm oil may break a support at 4,827 ringgit per tonne, and fall towards a range of 4,706 ringgit to 4,781 ringgit, Reuters technicals analyst Wang Tao said. FUNDAMENTALS * Indonesia"s total palm oil exports are expected to fall for a second year by 0.34% in 2021 from a year earlier, the vice chairman of the country"s palm oil association said. read more * Global production of the top four vegetable oils - palm, sunflower, soy and rapeseed oils - is likely to rise the highest in four years, leading analyst Thomas Mielke said. DATA/EVENTS (GMT) 0745 France Business Climate Mfg Nov 0900 Germany Ifo Business Climate New Nov 0900 Germany Ifo Curr Conditions New Nov 0900 Germany Ifo Expectations New Nov 1330 US Durable Goods Oct 1330 US GDP 2nd Estimate Q3 1330 US Initial Jobless Clm Weekly 1330 US Consumption Adjusted MM Oct 1500 US U Mich Sentiment Final Nov 1500 US New Home Sales-Units Oct 1900 US Federal Open Market Committee will release the minutes from its November 2-3 policy meeting ($1 = 4.2040 ringgit)

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