VEGOILS-Palm falls for 3rd day on sluggish exports, weakness in related oils
MUMBAI, Sept 20 (Reuters) - Malaysian palm fell for a third straight day on Friday, tracking a drop in related edible oils and as slowing exports raised concerns of higher inventories.
The benchmark palm oil contract for the November delivery on the Bursa Malaysia Derivatives Exchange was down 0.71% at 2,229 Malaysian ringgit per tonne, as of 0318 GMT.
The January soyoil contract on the Dalian exchange fell 1.21%, while the Dalian January palm oil contract dropped 1.44%.
Soybean oil on the Chicago Board of Trade eased 0.67%.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Sept. 1-15 fell 6.8% to 700,935 tonnes from 752,470 tonnes shipped during Aug. 1-15, cargo surveyor Societe Generale de Surveillance said on Wednesday.
* Palm oil may fall to 2,219 ringgit per tonne, as it has broken a support at 2,254 ringgit, Wang Tao, a Reuters market analyst for commodities technicals said.
* Chicago corn futures ticked lower on Friday, while soybeans inched down after previous session's rally lifted by hopes of a breakthrough in the Sino-U.S. trade negotiation.
* Oil prices were on track for a more-than-7% jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
* The palm oil industry was responsible for at least 39% of forest loss on the biodiversity-rich island of Borneo between 2000 and 2018, data from a research firm based in Indonesia shows.
MARKET NEWS
* Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks.
* The dollar nursed losses against most major currencies, as central banks in Switzerland and the UK refrained from following the U.S. Federal Reserve in cutting rates.
* The United States said on Thursday it was building a coalition to deter Iranian threats following a weekend attack on Saudi Arabian oil facilities.
* The German economy started the third quarter on a weaker footing, the Finance Ministry said on Friday, putting the blame on a cooling global economy and uncertainties linked to Brexit and trade conflicts that are hurting exports.
DATA AHEAD
0600 Germany Producer Prices MM, YY Aug
1400 EU Consumer Confid. Flash Sept
1600 US Federal Reserve releases figures on the financial health of U.S. household in its Flow of Funds report for the second quarter. (Reporting by Rajendra Jadhav; Editing by Aditya Soni )
