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JAKARTA, Feb 21 (Reuters) – Malaysian palm oil futures dropped on Tuesday after a three-day rally, as weaker rival edible oils weighed on market sentiment.
The benchmark palm oil contract FCPOc3 for May delivery slipped 0.50% to 4,146 ringgit ($936.53) per tonne in early trade, after gaining 5.79% in the last three sessions.
FUNDAMENTALS
* Exports of Malaysian palm oil products for the Feb. 1-20 period rose between 27.7% and 33.1% from a month earlier, data from independent inspection company AmSpec Agri Malaysia and cargo surveyor Intertek Testing Services showed on Monday.
* Cargo surveyor Societe Generale de Surveillance said on Tuesday Malaysian palm oil exports rose 8.8% for the same period.
* Dalian’s most-active soyoil contract DBYv1 eased by 0.11%, while its palm oil contract DCPv1 inched higher by 0.05%. Soyoil prices on the Chicago Board of Trade dropped 0.63% after reopening from a long weekend.
* Palm is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may break a resistance at 4,196 ringgit per tonne, and rise towards a narrow range of 4,311-4,343 ringgit, said Reuters technical analyst Wang Tao. TECH/C
MARKET NEWS
* Asian stocks edged lower as the prospect of the U.S. central bank having to stay on its hawkish path weighed on sentiment, with investors looking to the minutes of the latest Federal Reserve meeting for further monetary policy clues. MKTS/GLOB
* The Brent crude benchmark opened slightly lower as the U.S. dollar strengthened and traders waited for cues from the U.S. Federal Reserve meeting minutes, after optimism over demand amid tightening supplies drove prices higher on Monday. O/R
DATA/EVENTS (GMT)
0815 France S&P Global Mfg, Serv, Comp Flash PMIs Feb
0830 Germany S&P Global Mfg, Serv, Comp Flash PMIs Feb
0900 EU S&P Global Mfg, Serv, Comp Flash PMIs Feb
0930 UK Flash Comp, Mfg, Serv PMIs Feb
1000 Germany ZEW Economic Sentiment Feb
1000 Germany ZEW Current Conditions Feb
1445 US S&P Global Mfg, Serv, Comp Flash PMIs Feb
1500 US Existing Home Sales Jan
($1 = 4.4270 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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