Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil slips as early June exports plunge

KUALA LUMPUR, June 12 (Reuters) - Malaysian palm oil futures fell on Monday, weighed by a slump in early June exports as investors awaited key palm oil board data due later in the day.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slid 25 ringgit, or 0.74%, to 3,342 ringgit a metric ton during early trade.

FUNDAMENTALS
Exports of Malaysian palm oil products for June 1-10 fell 17.6% to 275,211 metric tons from 333,779 metric tons shipped during May 1-10, independent inspection company AmSpec Agri Malaysia said on Saturday.

Exports of Malaysian palm oil products for June 1-10 fell 16.7% to 295,990 metric tons from 355,380 metric tons shipped during May 1-10, cargo surveyor Intertek Testing Services said on Saturday.

The Malaysian Palm Oil Board is scheduled to release May supply and demand data later in the day.

Dalian's most-active soyoil contract DBYcv1 rose 1.1%, while its palm oil contract DCPcv1 gained 0.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.1%.

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 retrace into a range of 3,308 ringgit to 3,341 ringgit per metric ton, as it failed to break a resistance at 3,394 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path.
By: via Malaysian Palm Oil Council Russia