FUNDAMENTALS
* Indonesia had stocks of 2.64 million tonnes at the end of
February, down 14.84% from a month earlier.
* Malaysia maintained its export tax for crude palm oil at
8% for May and raised its reference price, a circular on the
Malaysian Palm Oil Board website showed on Monday.
* Dalian's most-active soyoil contract rose 1.2%,
while its palm oil contract was up 2.1%. Soyoil prices
on the Chicago Board of Trade climbed 0.6%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* The Malaysian ringgit , palm's currency of trade,
weakened 0.44% against the dollar. A weaker ringgit makes palm
oil more attractive for foreign currency holders.
* China's economy grew at a faster-than-expected pace in the
first quarter, as the end of strict COVID curbs lifted
businesses and consumers out of crippling pandemic disruptions.
* Palm oil may retest a support at 3,577 ringgit
per tonne, a break below which could cause a fall to 3,520
ringgit, said Reuters technical analyst Wang Tao. MARKET NEWS
* Asia's shares pared losses as China's economy recorded a
stronger-than-expected recovery from punishing pandemic
lockdowns last year that led to a major slowdown. DATA/EVENTS (GMT)
0600 UK Claimant Count Unemp Chng March
0600 UK ILO Unemployment Rate Feb
0600 UK HMRC Payrolls Change March
0900 Germany ZEW Economic Sentiment April
0900 Germany ZEW Current Conditions April
1230 US Housing Starts Number March
($1 = 4.4370 ringgit)
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(Reporting by Carman Chew; 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 ))
