off-the-wire

VEGOILS-Palm oil rises from seven-month low; weak exports cap gains

Kitco Media
By Reuters
Published:
Updated:
Reuters
KUALA LUMPUR, May 2 (Reuters) - Malaysian palm oil futures rose on Tuesday, recouping losses after the market suffered its deepest monthly loss in seven on weak exports and larger Indonesian supply. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 45 ringgit, or 1.35%, to 3,383 ringgit ($758.86) a tonne during early trade, setting it on course to end a six-session decline. In the previous session, the contact hit its lowest closing since September.


FUNDAMENTALS
* Malaysia's palm oil exports during April fell 18% from the month before, cargo suveyor Intertek Testing Services said on Sunday.


* Indonesia said last week that it will lower its mandatory domestic sales threshold for palm oil producers to 300,000 tonnes a month starting in May, although traders said uncertainties over the policy remains.
* Soyoil prices on the Chicago Board of Trade rose 0.64%. The Dalian exchange for closed for a public holiday.


* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.


MARKET NEWS
* Asian shares wobbled in cautious trade on Tuesday, while the dollar was firm ahead of a series of data releases and central bank meetings that begins with the Reserve Bank of Australia later in the day. DATA/EVENTS (GMT) 0430 Australia RBA Cash Rate May 0600 UK Nationwide house price MM, YY April 0750 France S&P Global Mfg PMI April 0755 Germany S&P Global/BME Mfg PMI April 0800 EU S&P Global Mfg Final PMI April 0830 UK S&P GLBL/CIPS Mfg PMI April 0900 EU HICP Flash YY April 0900 EU HICP-X F, E, A&T Flash MM, YY April 1400 US Factory Orders MM March US Federal Open Market Committee starts its two-day meeting on interest rates


($1 = 4.4580 ringgit) (Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)


* 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 ))
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