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JAKARTA, Feb 15 (Reuters) – Malaysian palm oil rose for a second session on Wednesday as market participants awaited export data from cargo surveyors amid expectations of a slowdown in production this month.
The benchmark palm oil contract FCPOc3 for April delivery gained 0.73% to 3,985 ringgit ($912.11) per tonne in early trade, after Tuesday’s 0.8% gain.
FUNDAMENTALS
* Dalian’s most-active soyoil contract DBYv1 was trading sideways, while its palm oil contract DCPv1 rose 1.19%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.4%.
* Palm is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Cargo surveyors are expected to report Feb. 1-15 palm oil exports data later on Wednesday. Malaysia’s palm oil exports during Feb. 1-10 rose between 23.3% and 39.3% from a month earlier.
* India’s rapeseed production in 2023 could jump 7.1% from a year earlier to a record 12.8 million tonnes, the government said, which could help the world’s biggest vegetable oil importer reduce overseas purchases of palm oil.
* Palm oil looks neutral in a range of 3,859-4,009 ringgit per tonne, and an escape could suggest a direction, said Reuters technical analyst Wang Tao TECH/C
MARKET NEWS
* Asian stocks slipped while the U.S. dollar was steadfast, following U.S. inflation data and remarks from central bank officials that have investors worrying interest rates are going to be higher for longer. MKTS/GLOB
DATA/EVENTS (GMT)
0700 UK Core CPI YY Jan
0700 UK CPI YY Jan
1000 EU Total Trade Balance SA Dec
1100 EU Reserve Assets Total Jan
1330 US Retail Sales MM Jan
1415 US Industrial Production MM Jan
($1 = 4.3690 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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