SINGAPORE, Feb 23 (Reuters) - Malaysian palm oil futures
rose on Thursday to extend gains for a second consecutive
session, tracking strength in crude oil prices.
The benchmark palm oil contract for May delivery on
the Bursa Malaysia Derivatives Exchange gained 46 ringgit, or
1.11%, to 4,192 ringgit ($945.64) in early trade.
The contract hit its highest since Jan. 4 in the previous
session, before paring some of its gains on profit-booking.
FUNDAMENTALS
* Oil prices rose slightly in thin Asian trade on Thursday,
pausing from a six-day losing streak fed by mounting concerns
that more aggressive interest rate hikes by central banks could
pressure economic growth and fuel demand.
* Stronger crude oil futures make palm a more attractive
option for biodiesel feedstock.
* Malaysia has maintained its March export tax for crude
palm oil at 8% and lowered the reference price, a circular on
the Malaysian Palm Oil Board website showed on Wednesday.
* Dalian's most active soyoil contract lost 0.07%,
while its palm oil contract gained 0.44%. Soyoil prices
on the Chicago Board of Trade were largely unchanged.
* 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 retest a support at 4,155 ringgit
per tonne, a break below which could open the way towards a
range of 4,039-4,083 ringgit, Reuters technical analyst Wang Tao
said. MARKET NEWS
* Asian stock markets were pinned near seven-week lows on
Thursday, while the dollar stood at multi-week peaks, as a run
of strong economic data has investors worrying interest rates
will need to keep rising and stay high to put the brakes on
inflation. DATA/EVENTS (GMT)
1000 EU HICP Final MM, YY Jan
1330 US GDP 2nd Estimate Q4
1330 US Initial Jobless Clm Weekly
($1 = 4.4330 ringgit)
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(Reporting by Matthew Chye; Editing by Sonia Cheema)
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