Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm touches one-month low as rival oils decline

KUALA LUMPUR, April 27 (Reuters) - Malaysian palm oil futures fell on Thursday for a fifth straight session, hitting their lowest in a month as the benchmark contract tracked losses in rival edible oils.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 44 ringgit, or 1.23%, to 3,526 ringgit ($791.47) a tonne during early trade, its lowest since March 27.

The vegetable oil is also on course for its longest losing streak in one month.

FUNDAMENTALS
Indonesia plans to set its crude palm oil reference price at $955.53 per tonne for May 1 to May 15, up from $932.69 during last two weeks of April, senior economic ministry official Musdhalifah Machmud said on Wednesday.

Dalian's most-active soyoil contract DBYcv1 fell 0.1%, while its palm oil contract DCPcv1 eased 1.1%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.3%.

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 break a support at 3,565 ringgit per tonne and fall to 3,504 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares extended losses as troubles at U.S. lender First Republic Bank continued to unnerve investors amid concerns that growth in the world's biggest economy could very well surprise to the downside.
By: via Malaysian Palm Oil Council Russia