The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 51 ringgit, or 1.22%, to 4,233 ringgit ($946.56) a tonne during early trade.
FUNDAMENTALS
* The ringgit , palm's currency of trade, fell 0.07%
against the dollar, making the commodity cheaper for holders of
foreign currency.
* India has decided to scrap a duty-free imports quota of 2
million tonnes of crude sunflower oil for the next fiscal
starting from April 1, the government said on Wednesday, as the
world's biggest importer of vegetable oils tries to support
local oilseed farmers.
* More than 27,000 flood victims across Malaysia have been
evacuated as months-long heavy rains continue to hit the
country, state media Bernama reported. Flooding will disrupt
harvesting activities and supply lines, affecting output in the
world's second largest producer.
* Dalian's most-active soyoil contract gained 0.6%,
while its palm oil contract rose 1.6%. Soyoil prices on
the Chicago Board of Trade were down 0.5%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
MARKET NEWS
* A rally in Asian shares sputtered on Thursday, pressured
by a pullback in Chinese stocks and higher U.S. yields amid
fears that global central banks would keep raising interest
rates to combat sticky inflation. DATA/EVENTS (GMT)
1000 EU HICP Flash YY Feb
1000 EU HICP-X F, E, A&T Flash YY, MM Feb
1000 EU Unemployment Rate Jan
1330 US Initial Jobless Clm Weekly
($1 = 4.4720 ringgit)
(Reporting by Mei Mei Chu;)
* 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 ))
