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JAKARTA, Jan 6 (Reuters) – Malaysian palm oil futures slid for a third straight session and were set for a weekly drop on Friday, dragged by weaker rival oils in Dalian Commodity Exchange, although polls forecasting smaller December inventory capped losses.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange lost 15 ringgit, or 0,37%, to 4,075 ringgit ($927.19) a tonne during early trade.
FUNDAMENTALS
* Malaysia’s palm oil inventories at end-December estimated to shrink 5.3% to 2.17 million tonnes from prior month, their lowest levels in four months as production and exports slowed, a Reuters survey showed.
* Production declined 3% to 1.63 million tonnes, while exports fell 1% to 1.5 million tonnes, according to the poll.
* Dalian’s most-active soyoil contract DBYcv1 fell 0.57%, while its palm oil contract DCPcv1 slipped 0.64%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.35%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil FCPOc3 may slide a bit more into a narrow range of 3,997 ringgit to 4,022 ringgit per tonne, as it has broken a support at 4,109 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian equities gained while the dollar hovered near a one-month high as investors braced for crucial U.S. jobs data later in the day that should provide clues on how aggressive the Federal Reserve will be in tightening policy. MKTS/GLOB
DATA/EVENTS (GMT)
0030 Japan JibunBK Comp Op Final SA Dec
0030 Japan JibunBK SVC PMI Final SA Dec
0700 Germany Industrial Orders MM Nov
0700 Germany Manufacturing O/P Cur Price SA Nov
0700 Germany Consumer Goods SA Nov
0700 UK Halifax House Prices MM, YY Dec
0745 France Reserve Assets Total Dec
0930 UK All-Sector PMI Dec
1000 EU HICP Flash YY Dec
1000 EU HICP-X F, E, A&T Flash MM, YY Dec
1000 EU Consumer Confid. Final Dec
1330 US Non-Farm Payrolls Dec
1330 US Unemployment Rate Dec
1500 US Factory Orders MM Nov
1500 US ISM N-Mfg PMI Dec
($1 = 4.3950 ringgit)
(Reporting by Bernadette Christina; Editing by Sherry Jacob-Phillips)
((Bernadette.christina@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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