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SINGAPORE, Feb 9 (Reuters) – Malaysian palm oil futures slipped from a one-month high on Thursday as traders booked profits, with losses in rival edible oils on higher-than-expected U.S. supplies further weighing on palm.
The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 57 ringgit, or 1.43%, to 3,940 ringgit ($915.43) a tonne in early trade.
FUNDAMENTALS
* Palm futures are headed marginally lower from profit booking and positioning ahead of Malaysia Palm Oil Board (MPOB) data due tomorrow, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
* Malaysia’s palm oil exports likely slumped 21.7% to 1.15 million tonnes due to slowing shipments to largest consumers India and China, a Reuters survey showed on Monday.
* The MPOB and cargo surveyors are scheduled to release key supply and demand data on Friday.
* The U.S. Agriculture Department on Wednesday reported bigger-than-expected soybean supplies due to weaker domestic demand and lowered its forecast for Argentine soybean harvests.
* Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.41%. Dalian’s most-active soyoil contract DBYcv1 fell 0.71%, while its palm oil contract DCPcv1 gave up 0.72%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may drop to 3,888 ringgit per tonne, as a flat pattern from the Jan. 25 low of 3,721 ringgit may have completed, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares tracked Wall Street lower on Thursday, as a number of Federal Reserve speakers echoed Chair Jerome Powell in saying that interest rates are set to go higher, capping risk sentiment, while the dollar hovered near one-month highs. MKTS/GLOB
DATA/EVENTS (GMT)
0700 Germany CPI Prelim YY Jan
0700 Germany HICP Prelim YY Jan
1330 US Initial Jobless Clm Weekly
0945 – Bank of England Governor Andrew Bailey speaks to
lawmakers about the central bank’s decision to raise rates
to a 14-year high of 4% but also signal that its push to
quash inflation might be nearing its end
1500 – German Economy Minister Robert Habeck gives speech at
2023 energy dialogue
($1 = 4.3050 ringgit)
(Reporting by Matthew Chye; Editing by Nivedita Bhattacharjee)
((Matthew.Chye@thomsonreuters.com; Mobile: +65 91552300))
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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