The benchmark palm oil contract for May delivery
rose 82 ringgit or 2.02% to 4,151 ringgit ($938.08) per tonne in
early trade.
FUNDAMENTALS
* Dalian's most-active soyoil contract gained 2.29%,
while its palm oil contract increased 3.41%. Soyoil
prices on the Chicago Board of Trade were down 0.14%.
* Palm is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Malaysian ringgit, the contract currency of trade, slid
0.63% during early trading. A weaker ringgit makes palm oil more
attractive to foreign currency holders.
* Palm oil's next resistance is at 4,196 ringgit, a break
above which could lead to a gain to 4,311 ringgit. The current
rise is tentatively classified as a part of a big flat pattern
developing from the Dec. 12, 2022 low of 3,721 ringgit, said
Reuters technical analyst Wang Tao MARKET NEWS
* Asian equities slipped, while the dollar hovered around
six-week highs as economic data and hawkish comments from
Federal Reserve officials revived fears that the U.S. central
bank will stick to its monetary tightening path.
* Oil prices slid and were on track for weekly losses. DATA/EVENTS (GMT)
0700 UK Retail Sales MM, YY Jan
0700 UK Retail Sales Ex-Fuel MM Jan
0745 France CPI (EU Norm) Final MM, YY Jan
1330 US Import Prices YY Jan
($1 = 4.4250 ringgit)
(Reporting by Bernadette Christina Munthe; editing by
Uttaresh.V)
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
