FUNDAMENTALS
* Investors are awaiting Malaysian Palm Oil Board (MPOB)
data and cargo surveyor's export figures for April 1-10, due
later on Monday, to determine further price direction.
* A Reuters' survey ahead of MPOB data forecast Malaysia's
palm oil inventories tumbling to an eight-month low of 1.77
million tonnes at end-March, as exports soared ahead of the
month of Ramadan.
* Dalian's most-active soyoil contract dropped
1.06%, while its palm oil contract was trading sideway.
The Chicago Board of Trade rose 0.35%.
* 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 test a support at 3,740 ringgit per tonne, a
break below which could open the way towards a range of
3,683-3,718 ringgit, said Reuters technical analyst Wang Tao. MARKET NEWS
* Oil prices nudged higher in early Asian trade on Monday,
supported by the prospect of tighter supplies from OPEC+
producers from May, but concerns about the global economic
outlook capped gains.
* Asian shares inched higher, while the dollar started the
week on the front foot after the U.S. jobs data underscored a
tight labour market, firming up expectations that the Federal
Reserve will again raise interest rates at its meeting next
month. DATA/EVENTS (GMT)
The 2023 Spring Meetings of the World Bank and the
International Monetary Fund take place in Washington D.C. (until
Apr. 16)
($1 = 4.4050 ringgit)
(Reporting by Fransiska Nangoy; Editing by Varun H K)
* 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 ))
