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choi baccarat(www.vng.app):VEGOILS-Palm gains more than 1% on rivals\u0027 strength, output concerns

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KUALA LUMPUR, Aug 4 - Malaysian palm oil futuresrose on Wednesday, tracking gains in rival oils on the Dalianand Chicago exchanges, with concerns over tight production alsosupporting sentiment.

The benchmark palm oil contract for Octoberdelivery on the Bursa Malaysia Derivatives Exchange rose 46ringgit, or 1.83%, to 4,217 ringgit ($998.11) a tonne duringearly trade, extending gains for a second straight session.

FUNDAMENTALS

* Investors are awaiting estimates for July supply anddemand data, typically released ahead of Malaysian Palm OilBoard (MPOB) data scheduled for Aug. 11, for more direction.

* July production is expected to remain tight despiteestimates of output ticking up in some regions amid the peakproduction season.

* European Union palm oil imports in the 2021/22 season thatstarted in July had reached 306,297 tonnes, lower than 567,372tonnes in the previous season, European Commission data showedon Tuesday.

* Dalian's most-active soyoil contract rose 1.2%,while its palm oil contract rose 2.7%. Soyoil prices onthe Chicago Board of Trade were up 0.6%.

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

* Palm oil may consolidate in a narrow range of 4,105-4,197ringgit per tonne for one or two days before falling again,Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares advanced to one-week highs, led largely bystrong U.S. corporate earnings, although the mood remainedcautious as the rapidly spreading Delta variant of thecoronavirus clouds the global economic outlook.

DATA/EVENTS

0600 UK Reserve Assets Total July

0750 France Markit Services, Comp PMIs July

0755 Germany Markit Services PMI July

0755 Germany Markit Comp Final PMI July

0800 EU Markit Serv, Comp Final PMIs July

1345 US Markit Serv, Comp Final PMIs July

1400 US ISM N-Mfg PMI July($1 = 4.2250 ringgit) REUTERS


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