The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 82 ringgit, or 2.39%, to 3,507 ringgit ($790.76) a tonne during early trade. The contract has gained 5% so far in the week.
FUNDAMENTALS
* Malaysia's palm oil inventories at the end of April are
forecast to drop to their lowest level in 11 months as domestic
use rises amid flat production, a Reuters survey showed on
Friday.
* India's palm oil imports in April fell 30% from a month
earlier to hit a 14-month low, as its premium over rival soft
oils prompted price-sensitive buyers to shift to sunflower oil
and soyoil, five dealers told Reuters on Wednesday.
* Palm oil FCPOc3 may bounce further to 3,504 ringgit per
tonne, as suggested by a falling channel.
* Dalian's most-active soyoil contract dropped
0.11%, while its palm oil contract increased 1.72%.
Soyoil prices on the Chicago Board of Trade were up
0.15%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* A global measure of stocks fell for the fourth consecutive
day, while the dollar gained some ground as the European Central
Bank raised rates on Thursday and signalled the need for more
tightening a day after the U.S. Federal Reserve also raised
rates. DATA/EVENTS (GMT)
0145 China Caixin Services PMI April
0600 Germany Industrial Orders MM March
0600 Germany Manufacturing O/P Cur Price SA March
0600 Germany Consumer Goods SA March
0830 UK All-Sector PMI April
1230 US Non-Farm Payrolls April
1230 US Unemployment Rate April
($1 = 4.4350 ringgit)
(Reporting by Bernadette Christina Munthe; editing by Sonia
Cheema)
* 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 ))
