Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil eases from one-month peak ahead of key data

KUALA LUMPUR, May 10 (Reuters) - Malaysian palm oil futures slipped on Wednesday, after closing at a one-month high in the previous session, as traders awaited key data due later in the day.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 41 ringgit, or 1.08%, to 3,766 ringgit ($849.15) a tonne during early trade, after a five-session rally.

FUNDAMENTALS
The Malaysian Palm Oil Board (MPOB) and cargo surveyors are scheduled to release key supply and demand data later in the day.

Expectations of a sharp decline in production and inventories have lifted prices in the last five sessions, although concerns over demand weighed.

Ukraine's sunflower oil output could total 4.5-4.7 million tonnes in the 2022/23 September-August season and up to 6 million tonnes in 2023/24, as farmers plan to increase the crop area, the sunoil producers' association said on Tuesday.

Dalian's most-active soyoil contract DBYcv1 fell 0.3%, while its palm oil contract DCPcv1 slipped 0.1%. 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.

Palm oil may test a support of 3,716 ringgit per tonne, with a good chance of breaking below this level and falling towards the next support of 3,634 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Stocks were struggling to advance in Asia and the dollar was firm on Wednesday ahead of U.S. consumer price data that could damage hopes for interest rate cuts later this year if inflation fails to show much of a decline.
By: via Malaysian Palm Oil Council Russia