Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil in range-bound trade, dry weather and weak demand weigh

KUALA LUMPUR, June 15 (Reuters) - Malaysian palm oil futures traded in a tight range on Thursday as traders weighed bigger May stockpiles against concerns over weak demand and dry weather hitting production.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 5 ringgit, or 0.14%, to 3,457 ringgit ($746.49) a metric ton during early trade.

FUNDAMENTALS
Indonesia plans to set its crude palm oil reference price at $723.45 per metric ton for the June 16-30 period, down from $811.68 currently, economics ministry official Musdhalifah Machmud said on Wednesday.

Indonesia's palm oil exports, including refined products, fell 1.93% annually to 2.13 million metric ton in April, data from the Indonesian Palm Oil Association showed on Thursday.

India on Wednesday slashed base import duty on refined soyoil and sunflower oil to 12.5% from an earlier 17.5%, the government said in a notification as the world's biggest vegetable oil buyer tries to dampen local prices.

Cargo surveyors are scheduled to release June 1-15 shipment data later in the day.

Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 gained 0.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.07%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS
Asian stocks braked around two-month highs on Thursday, while the dollar nursed modest losses, after the U.S. Federal Reserve chose not to hike interest rates for the first time in 17 months, even as it opened the door to more hikes ahead.
By: via Malaysian Palm Oil Council Russia