Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil edges up, concerns over higher April stocks cap rise

KUALA LUMPUR, May 9 (Reuters) - Malaysian palm oil futures ticked up on Monday after last week's tumble, but estimates of a rise in April inventories kept gains in check.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 36 ringgit, or 0.36%, to 6,436 ringgit ($1,471.09) a tonne during early trade.

Palm plunged 10% last week on the possibility of top producer Indonesia lifting a ban on exports.

FUNDAMENTALS
Malaysia's palm oil inventories at the end of April likely rose for the first time in six months to 1.55 million tonnes as production and imports climbed, a Reuters survey showed on Friday.

The Malaysian Palm Oil Board and cargo surveyors are scheduled to release key supply and demand data on Tuesday.

Dalian's most-active soyoil contract DBYcv1 fell 0.7%, while its palm oil contract DCPcv1 eased 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2%.

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 end its fall in a support zone of 6,190-6,290 ringgit, and then test a resistance at 6,602 ringgit a tonne, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian markets got off to a shaky start as U.S. stock futures fell on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession.

Oil prices slipped, along with stock markets in Asia, sparked by fears a global recession could dampen oil demand, with investors eying European Union talks on a Russian oil embargo that is expected to tighten global supplies.
By: via Malaysian Palm Oil Council Russia