For the week, the contract has slumped 9.3% so far.
FUNDAMENTALS
* Malaysia maintained its April export tax for crude palm
oil at 8% and raised its reference price, a circular on the
Malaysian Palm Oil Board website showed on Thursday.
* Dalian's most-active soyoil contract fell 1.6%,
while its palm oil contract eased 1.2%. Soyoil prices
on the Chicago Board of Trade were up 0.9%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Oil prices fell on worries about potential oversupply
after U.S. Energy Secretary Jennifer Granholm said refilling the
country's Strategic Petroleum Reserve may take several years,
making palm oil a less attractive option as biodiesel feedstock.
* Palm oil may drop to 3,420 ringgit per tonne, as suggested
by a projection analysis, Reuters technical analyst Wang Tao
said. MARKET NEWS
* Asian shares were lower as lingering banking stability
concerns gripped Wall Street, while bonds bet the recent slew of
rate hikes by central banks will be among the last of the cycle,
allowing for policy relief later in the year. DATA/EVENTS (GMT)
0700 UK Retail Sales MM, YY Feb
0700 UK Retail Sales Ex-Fuel MM Feb
0815 France S&P Global Mfg, Serv, Comp Flash PMIs March
0830 Germany S&P Global Mfg, Serv, Comp Flash PMIs March
0900 EU S&P Global Mfg, Serv, Comp Flash PMIs March
0930 UK Flash Comp, Mfg, Serv PMIs March
1230 US Durable Goods Feb
1345 US S&P Global Mfg, Serv, Comp Flash PMIs March
($1 = 4.4240 ringgit)
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cpo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)
* 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 ))
