Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil slips for second day as early-Jan exports slump

KUALA LUMPUR, Jan 17 (Reuters) - Malaysian palm oil futures extended losses for a second straight session on Monday after cargo surveyors' data showed exports during the first half of January tumbled.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 35 ringgit, or 0.71%, to 4,921 ringgit ($1,175.87) a tonne during early trade, its lowest since Jan 5.

Bursa Malaysia will be closed on Tuesday for Thaipusam festival.

FUNDAMENTALS
Exports from the world's second-largest palm oil producer during Jan. 1-15 fell between 32% and 45% from the same period in December, cargo surveyors said on Saturday.

Malaysia kept its February export tax for crude palm oil at 8% but lowered the reference price to 4,907.14 ringgit ($1,172.55) from 5302.01 ringgit in January.

Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 slipped 0.2%. The Chicago Board of Trade BOcv1 were closed for a public holiday.

Palm oil may drop to 4,865 ringgit per tonne, due to the completion of a five-wave cycle from 4,291 ringgit.

MARKET NEWS
Asian share markets were choppy on Monday as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy.
By: via Malaysian Palm Oil Council Russia