VEGOILS-Palm oil slips for third session ahead of MPOB data
KUALA LUMPUR, April 7 (Reuters) - Malaysian palm oil futures eased on Friday, extending a two-day decline ahead of key data, although the contract is set for a weekly rise buoyed by expectations of tightening supply.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange eased 2 ringgit, or 0.05%, to 3,821 ringgit ($868.41) a tonne during early trade.
For the week, palm has risen 1.5% so far, advancing for a second consecutive week.
FUNDAMENTALS
Investors are awaiting Malaysian Palm Oil Board (MPOB) data due on Monday to determine further price direction.
A Reuters' survey ahead of MPOB data forecast Malaysia's palm oil inventories tumbling to an eight-month low of 1.77 million tonnes at end-March, as exports soared ahead of the month of Ramadan.
Dalian's most-active soyoil contract DBYcv1 eased 0.7%, while its palm oil contract DCPcv1 fell 0.7%. The Chicago Board of Trade BOcv1 was closed for a public holiday.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Oil prices were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.
Stronger crude futures make palm a more attractive option for biodiesel feedstock.
MARKET NEWS
U.S. stocks reversed an earlier sell-off to close higher on Thursday, and Treasury yields steadied, as investors digested weak labor market data ahead of a U.S. jobs report, seeking signs the Federal Reserve could pause on rate hikes.
By: via Malaysian Palm Oil Council Russia
To promote the market expansion of Malaysian palm oil and its products by enhancing the image of palm oil and creating better acceptance of palm oil through awareness of various technological and economic advantages (techno-economic advantages) and environmental sustainability. MPOC on Telegram https://t.me/oilpalm
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