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JAKARTA, April 13 (Reuters) – Malaysian palm oil futures extended their decline to a second session on Thursday, as softer rival oils and weak exports so far in April pressured prices.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange dropped 1.80% to 3,707 ringgit ($842.31) a tonne in early trade. On Wednesday, it fell 2.91%.
FUNDAMENTALS
* Soyoil prices on the Chicago Board of Trade BOc2 fell 0.52%. Dalian’s most-active soyoil contract DBYc1 fell 0.82%, while its palm oil contract DCPc2 eased 2.09%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Exports of Malaysian palm oil products for April 1-10 fell between 16.2% and 35.6% from a month earlier, cargo surveyor data showed earlier this week.
* European Union palm oil imports for the 2022/23 season stood at 3.06 million tonnes by April 9 versus 3.98 million tonnes a year ago.
* Palm oil may test support of 3,671-3,683 ringgit per tonne, a break below which could open the way towards the 3,577-3,613 ringgit range, said Reuters technical analyst Wang Tao.
MARKET NEWS
* Asian stocks struggled, dragged by selling in Hong Kong tech shares, while the dollar was under pressure and short-dated bonds were firm as softening U.S. inflation seemed to suggest the U.S. rate hike cycle was nearing its end. MKTS/GLOB
* Oil prices eased in early trading after rising for the previous two sessions as investors remained cautious due to lingering concerns over a U.S. recession and weaker oil demand. O/R
DATA/EVENTS (GMT)
0300 China Exports, Imports YY March
0300 China Trade Balance March
0600 Germany HICP Final YY March
0600 UK GDP Est 3M/3M Feb
0600 UK GDP Estimate MM, YY Feb
0600 UK Manufacturing Output MM Feb
1230 US Initial Jobless Clm Weekly
1230 US PPI Machine Manuf’ing March
($1 = 4.4010 ringgit)
(Reporting by Fransiska Nangoy; Editing by Subhranshu Sahu)
((Fransiska.Nangoy@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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