The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 0.98% to 3,751 ringgit ($851.34) early in the session, erasing some of the 7.67% gains over the past four days. The contract posted a 6.84% rise so far this week, but is on track to post a monthly loss.
FUNDAMENTALS
* Cargo surveyors are scheduled to release March exports
data later on Friday.
* Malaysia's palm oil output is expected to decline after a
miller's association estimated a 22.9% decline in output from
March 1-25, analysts said.
* Dalian's most-active soyoil contract gained 1.41%,
while its palm oil contract rose 0.50%. Soyoil prices on
the Chicago Board of Trade dropped 0.26%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Palm oil may extend gains to 3,853 ringgit per tonne, to
complete a bounce from 3,500 ringgit, Reuters technical analyst
Wang Tao said. MARKET NEWS
* Asian shares were headed for a second quarterly gain on
Friday while bonds were enjoying the best month since 2008, but
the market braced for a stormy session after an upside surprise
in German CPI raised the stakes for U.S. inflation data. DATA/EVENTS (GMT)
0130 China NBS Manufacturing PMI March
0600 UK GDP QQ, YY Q4
0600 UK Nationwide house price MM, YY March
0645 France CPI (EU Norm) Prelim YY March
0645 France Producer Prices YY Feb
0755 Germany Unemployment Rate, Chg SA March
0900 EU HICP Flash YY March
0900 EU HICP-X F, E, A, T Flash MM, YY March
0900 EU Unemployment Rate Feb
1230 US Consumption, Adjusted MM Feb
1230 US Core PCE Price Index MM, YY Feb
1230 US PCE Price Index MM, YY Feb
1400 US U Mich Sentiment Final March
($1 = 4.4060 ringgit)
(Reporting by Fransiska Nangoy)
* 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 ))
