FUNDAMENTALS
* Dalian's most-active soyoil contract fell 0.91%,
while its palm oil contract lost 0.84%. Soyoil prices
on the Chicago Board of Trade were up 0.12%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Oil prices edged up after industry executives flagged
concerns about limited spare capacity in the market and
uncertainty over Russian supplies while demand from top crude
importer China is recovering.
* Stronger crude oil futures make palm a more attractive
option for biodiesel feedstock.
* India's palm oil imports could jump 16% in 2022/23 to a
four-year high of 9.17 million tonnes, as consumption is set to
jump after two years of contraction due to COVID-led lockdowns,
a senior industry official told Reuters on Tuesday.
* India, the world's biggest importer of vegetable oils, is
considering raising its import duty on palm oil to help support
local farmers reeling from a crash in domestic rapeseed prices,
government and industry officials said on Monday.
* The European Union's deforestation law is unlikely to have
a meaningful impact on demand for Southeast Asian palm oil as
the surplus is shrinking amid rising consumption from developing
countries, a leading industry analyst said on Monday.
* Palm oil may test a support of 4,225 ringgit per
tonne, a break below which could trigger a drop into 4,153-4,197
ringgit range, Reuters technical analyst Wang Tao said. MARKET NEWS
* Asian financial markets were little changed as investors
awaited congressional testimony from U.S. Federal Reserve Chair
Jerome Powell due to start later in the day for clues on the
central bank's next move on interest rates. DATA/EVENTS (GMT)
0300 China Exports, Imports YY Feb
0300 China Trade Balance Feb
0330 Australia RBA Cash Rate March
0700 UK Halifax House Prices MM, YY Feb
0745 France Reserve Assets Total Feb
0800 Germany Industrial Orders MM Jan
0800 Germany Manufacturing O/P Cur Price SA Jan
0800 Germany Consumer Goods SA Jan
($1 = 4.4720 ringgit)
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(Reporting by Matthew Chye; Editing by Rashmi Aich)
* 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 ))
