JAKARTA, Feb 21 (Reuters) - Malaysian palm oil futures
dropped on Tuesday after a three-day rally, as weaker rival
edible oils weighed on market sentiment.
The benchmark palm oil contract for May delivery
slipped 0.50% to 4,146 ringgit ($936.53) per tonne in early
trade, after gaining 5.79% in the last three sessions.
FUNDAMENTALS
* Exports of Malaysian palm oil products for the Feb. 1-20
period rose between 27.7% and 33.1% from a month earlier, data
from independent inspection company AmSpec Agri Malaysia and
cargo surveyor Intertek Testing Services showed on Monday.
* Cargo surveyor Societe Generale de Surveillance said on
Tuesday Malaysian palm oil exports rose 8.8% for the same
period.
* Dalian's most-active soyoil contract eased by
0.11%, while its palm oil contract inched higher by
0.05%. Soyoil prices on the Chicago Board of Trade dropped 0.63%
after reopening from a long weekend.
* Palm is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Palm oil may break a resistance at 4,196 ringgit per
tonne, and rise towards a narrow range of 4,311-4,343 ringgit,
said Reuters technical analyst Wang Tao. MARKET NEWS
* Asian stocks edged lower as the prospect of the U.S.
central bank having to stay on its hawkish path weighed on
sentiment, with investors looking to the minutes of the latest
Federal Reserve meeting for further monetary policy clues.
* The Brent crude benchmark opened slightly lower as the
U.S. dollar strengthened and traders waited for cues from the
U.S. Federal Reserve meeting minutes, after optimism over demand
amid tightening supplies drove prices higher on Monday. DATA/EVENTS (GMT)
0815 France S&P Global Mfg, Serv, Comp Flash PMIs Feb
0830 Germany S&P Global Mfg, Serv, Comp Flash PMIs Feb
0900 EU S&P Global Mfg, Serv, Comp Flash PMIs Feb
0930 UK Flash Comp, Mfg, Serv PMIs Feb
1000 Germany ZEW Economic Sentiment Feb
1000 Germany ZEW Current Conditions Feb
1445 US S&P Global Mfg, Serv, Comp Flash PMIs Feb
1500 US Existing Home Sales Jan
($1 = 4.4270 ringgit)
(Reporting by Fransiska Nangoy; Editing by Subhranshu Sahu)
* 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 ))
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