Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm at three-week low as early-Jan exports plummet

KUALA LUMPUR, Jan 11 (Reuters) - Malaysian palm oil futures extended losses for a second session, hitting a nearly three-week low on Wednesday, as traders weighed demand concerns after early-January shipments plummeted by half.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 76 ringgit, or 1.91%, to 3,908 ringgit ($893.46) a tonne during early trade, its lowest since Dec. 23.

FUNDAMENTALS
Exports from Malaysia during Jan. 1-10 plunged between 49%and 51% from the same week in December as shipments to India slowed, cargo surveyors data showed on Tuesday.

Malaysia's December palm oil end-stocks fell to the lowest since August as widespread flooding hit production during the year-end monsoon season, Malaysian Palm Oil Board (MPOB) data showed on Tuesday.

Dalian's most-active soyoil contract DBYcv1 fell 0.6% while its palm oil contract DCPcv1 eased 2.1%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS
Asian equities edged higher on Wednesday, while the dollar steadied as investors braced for U.S. inflation data that will influence the Federal Reserve's interest rate policy.
By: via Malaysian Palm Oil Council Russia