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KUALA LUMPUR, Feb 27 (Reuters) – Malaysian palm oil futures fell for a second consecutive session on Monday, but robust exports and a weaker ringgit kept losses in check.
The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange slid 7 ringgit, or 0.17%, to 4,195 ringgit ($940.79) a tonne during early trade.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Feb. 1-25 rose between 15.3% and 25.4% from the same week in January, cargo surveyors said on Saturday.
* Dalian’s most-active soyoil contract DBYcv1 were unchanged, while its palm oil contract DCPcv1 rose 0.05%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.07%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* The ringgit MYR=, palm’s currency of trade fell as much as 0.6% against the dollar to its lowest since Nov. 30, making the commodity cheaper for holders of foreign currency.
* Palm oil may test a support of 4,155 ringgit per tonne, a break below could open the way towards 4,039-4,083 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares slipped, as markets were forced to price in ever-loftier peaks for U.S. and European interest rates, slugging bonds globally and pushing the dollar to multi-week highs. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Leading Indicator Revised Dec
1000 EU Consumer Confid. Final Feb
1100 France Unemp Class-A SA Jan
1330 US Durable Goods Jan
($1 = 4.4590 ringgit)
(Reporting by Mei Mei Chu; Editing by Rashmi Aich)
((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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