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KUALA LUMPUR, Jan 3 (Reuters) – Malaysian palm oil futures were little changed on Tuesday, the first trading day of the year, as traders weighed up a drop in exports in December against tighter Indonesian supply.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slipped 5 ringgit, or 0.12%, to 4,169 ringgit ($947.50) a tonne during early trade.
The contract averaged 4,190 ringgit ($952.27) in 2022, its first annual decline in four years.
FUNDAMENTALS
* Exports from Malaysia in December fell between 1.7% and 2.8% from the prior month, cargo surveyors said on Saturday.
* Indonesia will tighten export rules for palm oil from Jan. 1 by allowing fewer shipments overseas for every tonne sold domestically to ensure sufficient and affordable cooking oil supply at home, officials said on Friday.
* India has extended a policy to allow imports of vegetable oils such as palm oil, soyoil and sunflower oil at lower taxes by a year until March 2024, the government said last week.
* Dalian’s most-active soyoil contract DBYcv1 rose 0.5%, while its palm oil contract DCPcv1 gained 0.7%. The Chicago Board of Trade BOcv1 was closed for a public holiday.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Asian stock markets slipped on Tuesday on concerns that the rapid spread of coronavirus infections in China would further hurt economic growth and hinder global supply chains, even if opening up would be positive in the long run. MKTS/GLOB
DATA/EVENTS (GMT, Dec)
0145 China Caixin Mfg PMI Final
0855 Germany Unemployment Chng, Rate SA
0930 UK S&P GLBL/CIPS Mfg PMI FNL
1300 Germany CPI, HICP Prelim YY
1445 US S&P Global Mfg PMI Final ($1 = 4.4000 ringgit)
(Reporting by Mei Mei Chu; Editing by Savio D’Souza)
((Meifong.chu@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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