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    Palm firms on higher crude, soybean oil prices

    Synopsis

    The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 19 ringgit, or 0.84%, to 2,415 ringgit ($564.91) a tonne during 0243 GMT.

    Palm OilAFP
    Palm may retest a resistance at 2,479 ringgit per tonne, as it could have completed a correction triggered by this barrier, Reuters technical analyst Wang Tao said.
    KUALA LUMPUR: Malaysian palm oil futures rose on Friday, tracking higher crude and soybean oil prices, but the contract was still on track to snap its sixth straight week of gains.

    The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 19 ringgit, or 0.84%, to 2,415 ringgit ($564.91) a tonne during 0243 GMT.

    Palm is poised to clock a 2.3% weekly fall following concerns that a second wave of coronavirus will slow demand.

    FUNDAMENTALS
    Malaysia's palm oil exports from June 1 to 25 rose between 35.5% and 37.2% from the previous month, cargo surveyors said. That was lower than a 50% to 57% monthly surge in exports during June 1 to 20.

    Oil prices extended gains from the previous day on optimism about recovering fuel demand worldwide. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

    Soyoil prices on the Chicago Board of Trade gained 0.67%. The Dalian Commodity Exchange was closed for a public holiday.

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

    Palm may retest a resistance at 2,479 ringgit per tonne, as it could have completed a correction triggered by this barrier, Reuters technical analyst Wang Tao said.

    MARKET NEWS
    Asian stocks were set to gain on Friday, as global sentiment remained doggedly upbeat despite increased volatility and rising new coronavirus infections, with Wall Street pushed higher by a loosening in bank regulations.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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