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apple developer account for sale (buyappleacc.com):VEGOILS-Palm oil gains 1%, subdued exports weigh

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KUALA LUMPUR, Aug 17 - Malaysian palm oil futuresrose more than 1% on Tuesday, tracking rival soyoil higher onmounting worries over global supplies, but a sharp decline inAugust exports so far capped gains.

The benchmark palm oil contract for Novemberdelivery on the Bursa Malaysia Derivatives Exchange rose 52ringgit, or 1.17%, to 4,499 ringgit ($1,062.09) a tonne duringearly trade.

FUNDAMENTALS

* "Oil World is expecting crude palm oil prices to weaken byend-Dec 2021 and will continue to see more weakness in 1H22 withthe assumption of no weather disruptions," UOB KayHian said in anote.

* This is due to expectations of stronger global edible oilsupplies in 2021/22 after record high prices last year boostedplantings, demand rationing due to high prices, and a rebound ofpalm oil production, UOB said.

* Oil World executive director Thomas Mielke forecast worldproduction of palm oil to rebound by 2.1 million tonnes in2020/21, and by 3.8 million tonnes next season, but low openingstocks will offset production growth, according to UOB.

* Malaysia's palm oil exports during Aug. 1-15 fell between15% and 24% from the same period in July, cargo surveyors saidon Monday.

* Dalian's most-active soyoil contract gained 0.7%,while its palm oil contract rose 1%. Soyoil prices onthe Chicago Board of Trade were up 0.5%.

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

* Palm oil may retest a resistance at 4,501 ringgit pertonne, a break above which could lead to a gain into 4,557-4,649ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares declined in early trade on Tuesday as growinganxiety over the spike in the Delta variant of COVID-19infections and turmoil in Afghanistan eclipsed overnightstrength on Wall Street.

DATA/EVENTS (GMT)

0600 UK Claimant Count Unem Chng July

0600 UK ILO Unemployment Rate June

0900 EU GDP Flash Estimate QQ, YY Q2

1230 US Retail Sales MM July

1315 US Industrial Production MM July

($1 = 4.2360 ringgit) REUTERS


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