Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm climbs for second day as traders await export data

JAKARTA, Feb 15 (Reuters) - Malaysian palm oil rose for a second session on Wednesday as market participants awaited export data from cargo surveyors amid expectations of a slowdown in production this month.

The benchmark palm oil contract FCPOc3 for April delivery gained 0.73% to 3,985 ringgit ($912.11) per tonne in early trade, after Tuesday's 0.8% gain.

FUNDAMENTALS
Dalian's most-active soyoil contract DBYv1 was trading sideways, while its palm oil contract DCPv1 rose 1.19%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.4%.

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

Cargo surveyors are expected to report Feb. 1-15 palm oil exports data later on Wednesday. Malaysia's palm oil exports during Feb. 1-10 rose between 23.3% and 39.3% from a month earlier.

India's rapeseed production in 2023 could jump 7.1% from a year earlier to a record 12.8 million tonnes, the government said, which could help the world's biggest vegetable oil importer reduce overseas purchases of palm oil.

Palm oil looks neutral in a range of 3,859-4,009 ringgit per tonne, and an escape could suggest a direction, said Reuters technical analyst Wang Tao

MARKET NEWS
Asian stocks slipped while the U.S. dollar was steadfast, following U.S. inflation data and remarks from central bank officials that have investors worrying interest rates are going to be higher for longer.
By: via Malaysian Palm Oil Council Russia