The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange slid 94 ringgit, or 2.14%, to 4,111 ringgit ($910.52) a tonne during early trade. Palm has fallen 5% so far this week, its first weekly drop in five weeks.
FUNDAMENTALS
* The Malaysian Palm Oil Board and cargo surveyors are
scheduled to release key supply and demand data later in the
afternoon.
* Malaysia's palm oil end-February inventories are forecast
to shrink 2.74% from the month before to 2.21 million tonnes,
according to a Reuters survey last week.
* Output is expected to slump 8.65% from the previous month
to 1.26 million tonnes, while exports are seen up 0.29% to 1.14
million tonnes
* Russia said on Thursday that a landmark deal to ensure the
safe export of grain from Ukraine's Black Sea ports was only
being "half-implemented", raising doubts about whether it would
allow an extension of the agreement due to expire next week.
* Dalian's most active soyoil contract and its palm
oil contract both fell 1.8%. Soyoil prices on the
Chicago Board of Trade were down 0.14%.
* Palm oil may climb into a range of 4,269-4,305 ringgit
per tonne, as it has broken a resistance at 4,225 ringgit,
Reuters technical analyst Wang Tao said. MARKET NEWS
* Wall Street slid sharply on Thursday, pulled lower by bank
stocks and jitters ahead of Friday's employment report, while
Treasury yields dropped on signs that the Federal Reserve's
restrictive policy is beginning to work as intended. DATA/EVENTS (GMT)
0700 Germany HICP Final YY Feb
0700 UK GDP Est 3M/3M Jan
0700 UK GDP Estimate MM, YY Jan
0700 UK Manufacturing Output MM Jan 1330 US Non-Farm Payrolls Feb 1330 US Unemployment Rate Feb ($1 = 4.5150 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; Editing by Sonia Cheema)
* 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 ))
