The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 54 ringgit, or 1.55%, to 3,655 ringgit ($824.03) during early trade, hitting its highest since April 20.
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.
* Indonesia will narrow the scope of crude palm oil products
traded on a planned exchange it hopes to launch by June, a
regulator said on Thursday.
* Dalian's most-active soyoil contract gained 1.3%,
while its palm oil contract rose 2.7%. Soyoil prices on
the Chicago Board of Trade were down 0.1%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oil market.
MARKET NEWS
* Asian shares crept higher on Monday as investors braced
for a week where U.S. inflation data will test wagers the next
move in interest rates will be down, while worries about a
possible credit crunch weighed on the dollar. DATA/EVENTS (GMT)
0600 Germany Industrial Output MM March
0600 Germany Industrial Production YY SA March
($1 = 4.4355 ringgit)
(Reporting by Mei Mei Chu; Editing by Sohini Goswami)
* 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 ))
