Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm drops on weaker April export data, rival Dalian oils

JAKARTA, May 10 (Reuters) - Malaysian palm oil futures fell on Tuesday, after cargo surveyor data showed a drop in April exports, while weaker vegetable oils on the Dalian Commodity Exchange further weighed on prices.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange lost 68 ringgit, or 1.06%, to 6,341 ringgit ($1,449.04) a tonne in early trade.

FUNDAMENTALS
Exports of Malaysian palm oil products for April fell 17.1% to 1,103,093 tonnes from 1,331,400 tonnes shipped during March, cargo surveyor Societe Generale de Surveillance said on Monday.

Malaysia's palm oil inventories at the end of April likely rose for the first time in six months to 1.55 million tonnes as production and imports climbed, a Reuters survey showed on Friday.

Dalian's soyoil contract DBYv1 and its palm oil contract DCPv1 dropped 1.39% and 0.43%, respectively. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.74%.

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 fall into a zone of 6,097 ringgit to 6,190 ringgit a tonne, as it shows little signs of stopping around a support of 6,290 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares tumbled to their lowest in nearly two years as investors shed riskier assets on worries about higher interest rates and their impact on economic growth, while the dollar held near 20-year highs.

Oil prices tumbled more than 1%, extending the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
By: via Malaysian Palm Oil Council Russia