The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange slid 17 ringgit, or 0.41%, to 4,163 ringgit ($919.59) a tonne during early trade.
FUNDAMENTALS
* Indonesia's biodiesel policy and the likely emergence of
the El Nino weather pattern could further strain global
inventories of palm oil, lifting prices later this year, leading
industry officials and analysts said at a conference on
Wednesday.
* Malaysian palm oil is expected to trade between 4,000 and
5,000 ringgit ($1,106) per tonne from now until August as
Indonesia's ambitious biodiesel mandate will keep stocks tight
in the first half of 2023, analyst Dorab Mistry said on
Wednesday.
* Palm oil futures contract will trade at 3,350 ringgit by
the end-year, pressured by lower gasoil prices, analyst James
Fry said on Wednesday.
* Malaysian production in 2023 is likely to rise by 600,000
tonnes to 19 million tonnes, while Indonesian production is seen
rising by 1.2 million tonnes to 47.7 million tonnes, analyst
Thomas Mielke said on Wednesday.
* The Malaysian Palm Oil Board (MPOB) is scheduled to
release its February supply and demand data on Friday.
* Dalian's most-active soyoil contract fell 0.3%,
while its palm oil contract also slipped 0.3%. Soyoil
prices on the Chicago Board of Trade gained 0.25%.
* Palm oil looks neutral in a range of 4,153-4,225 ringgit
per tonne, and an escape could suggest the following direction,
Reuters technical analyst Wang Tao said. MARKET NEWS
* Asian shares wobbled while the dollar was perched near a
three-month top on Thursday after a spate of economic data
overnight appeared to support Federal Reserve Chairman Jerome
Powell's hawkish guidance on further interest rate increases. DATA/EVENTS (GMT)
0130 China PPI, CPI YY Feb
1330 US Initial Jobless Clm Weekly
($1 = 4.5270 ringgit)
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(Reporting by Mei Mei Chu; editing by Eileen Soreng)
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