The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 121 ringgit, or 3.2%, to 3,663 ringgit ($819.10) a tonne during early trade, its lowest since Oct. 14.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Mar. 1-20 rose
30.4% to 929,274 tonnes from 712,740 tonnes shipped during the
same period in Feb., cargo surveyor Societe Generale de
Surveillance said on Tuesday.
* Dalian's most active soyoil contract fell 3.1%,
while its palm oil contract lost 3.9%. Soyoil prices on
the Chicago Board of Trade extended losses after falling
3% overnight.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Oil fell after an industry report showed U.S. crude
inventories rose unexpectedly last week, indicating that fuel
demand may be weakening, making palm a less attractive option
for biodiesel feedstock.
* Palm oil may test a support at 3,736 ringgit per tonne, a
break below which could open the way towards 3,690 ringgit,
Reuters technical analyst Wang Tao said. MARKET NEWS
* Asian shares staged a cautious bounce on Wednesday with
hopes that a global banking crisis would be averted, vying with
uncertainty over the outlook for U.S. interest rates as the
Federal Reserve holds a high-stakes meeting on policy. DATA/EVENTS (GMT)
0700 UK Core CPI YY Feb
0700 UK CPI YY Feb
1800 US U.S. Federal Open Market Committee announces
its decision on interest rates followed by statement
($1 = 4.4720 ringgit)
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(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 ))
