Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil edge lower on profit-taking, weaker rivals

SINGAPORE, Feb 9 (Reuters) - Malaysian palm oil futures slipped from a one-month high on Thursday as traders booked profits, with losses in rival edible oils on higher-than-expected U.S. supplies further weighing on palm.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 57 ringgit, or 1.43%, to 3,940 ringgit ($915.43) a tonne in early trade.

FUNDAMENTALS
Palm futures are headed marginally lower from profit booking and positioning ahead of Malaysia Palm Oil Board (MPOB) data due tomorrow, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Malaysia's palm oil exports likely slumped 21.7% to 1.15 million tonnes due to slowing shipments to largest consumers India and China, a Reuters survey showed on Monday.

The MPOB and cargo surveyors are scheduled to release key supply and demand data on Friday.

The U.S. Agriculture Department on Wednesday reported bigger-than-expected soybean supplies due to weaker domestic demand and lowered its forecast for Argentine soybean harvests.

Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.41%. Dalian's most-active soyoil contract DBYcv1 fell 0.71%, while its palm oil contract DCPcv1 gave up 0.72%.

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 drop to 3,888 ringgit per tonne, as a flat pattern from the Jan. 25 low of 3,721 ringgit may have completed, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS
Asian shares tracked Wall Street lower on Thursday, as a number of Federal Reserve speakers echoed Chair Jerome Powell in saying that interest rates are set to go higher, capping risk sentiment, while the dollar hovered near one-month highs.
By: via Malaysian Palm Oil Council Russia