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JAKARTA, Feb 14 (Reuters) – Malaysian palm oil rose on Tuesday, rebounding from three days of losses, as firmer Dalian soyoil prices and higher exports underpinned the market.
The benchmark palm oil contract FCPOc3 for April delivery rose 0.41% to 3,939 ringgit ($904.89) per tonne in early trade, after losing 2% over the past three sessions.
FUNDAMENTALS
* Dalian’s most-active soyoil contract DBYcv1 gained 0.30%, while its palm oil contract DCPv1 eased 0.18%. Soyoil prices on the Chicago Board of Trade BOc2 traded sideways.
* Palm 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 Feb. 1-10 rose between 23.3% and 39.3% from Jan.1- Jan.10, cargo surveyors said.
* Indonesia said last week it would review its palm oil export quota ratios amid rising domestic cooking oil prices. A government official said on Monday the review was still ongoing.
* Palm oil may retest a support of 3,859 ringgit per tonne, a break below which could result in a drop to 3,708 ringgit, said Reuters technical analyst Wang Tao TECH/C
MARKET NEWS
* Asian shares tracked the bounce on Wall Street as investors remained sanguine that key U.S. data due later would show an easing in inflation, while the yen recouped losses ahead of the nomination of a new central bank governor. MKTS/GLOB
DATA/EVENTS (GMT)
0700 UK Claimant Count Unem Chng Jan
0700 UK ILO Unemployment Rate Dec
0700 UK HMRC Payrolls Change Jan
1000 EU GDP Flash Estimate QQ, YY Q4
1330 US Core CPI MM, SA Jan
1330 US Core CPI YY, NSA Jan
1330 US CPI MM, SA Jan
1330 US CPI YY, NSA Jan
1330 US CPI Wage Earner Jan
($1 = 4.3530 ringgit)
(Reporting by Fransiska Nangoy)
((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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