Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm eyes second day of loss amid Indonesian export woes

KUALA LUMPUR, May 30 (Reuters) - Malaysian palm oil futures on Monday were set to fall for a second day, as uncertainties around Indonesian export resumption persisted.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.61% to 6,314 ringgit ($1,446.51) per tonne during early trade.

FUNDAMENTALS
Indonesia will allocate about 1 million tonnes of palm oil for export, a senior trade ministry official said on Friday. It was unclear for what period of time the allocation was for.

Leading edible oil analyst Dorab Mistry last week urged Indonesia to immediately resume exports of palm oil, warning that an extended halt in shipments pending details of a domestic sales rule could spell economic "doom" for farmers.

Dalian's most-active soyoil contract DBYc1 traded 0.13% lower, while its palm oil contract DCPc1 rose 2.94%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.05%.

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 seek a support around 6,220 ringgit per tonne, as suggested by a retracement analysis, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian stocks followed Wall Street higher on Monday, while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July.
By: via Malaysian Palm Oil Council Russia