The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 65 ringgit, or 1.73%, to 3,697 ringgit ($833.60) a tonne during early trade.
It had jumped 12.7% in the last four sessions.
FUNDAMENTALS
* Investors are awaiting Malaysian Palm Oil Board data for
April supply and demand due on Wednesday.
* Slow exports have weighed on prices, but losses have been
capped by forecasts for a decline in inventories and production.
* Malaysian Palm Oil Association data showed April
production declined by 8.9% compared with March, resulting from
fewer working days, Refinitiv Agriculture Research said in a
note late Monday.
* The United Nations said no ships were inspected on Sunday
or Monday under a deal allowing the safe Black Sea export of
Ukraine grain, which Moscow has threatened to quit on May 18
over obstacles to its own grain and fertilizer exports.
* Dalian's most-active soyoil contract fell 0.4%,
while its palm oil contract gained 0.3%. Soyoil prices
on the Chicago Board of Trade were down 0.3%.
* 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 drop to 3,634 ringgit per tonne, as it failed
to break a resistance at 3,817 ringgit, Reuters technical
analyst Wang Tao said. MARKET NEWS
* A gauge of global equity markets rose and the dollar was
mostly flat on Monday, as expected talks in Washington about the
debt ceiling raised concerns, while U.S. inflation data later
this week should add clarity on Federal Reserve monetary policy. DATA/EVENTS (GMT, April)
0300 China Exports, Imports YY
0300 China Trade Balance
0600 UK Halifax House Prices MM, YY
0645 France Reserve Assets Total
($1 = 4.4350 ringgit)
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(Reporting by Mei Mei Chu; Editing by Rashmi Aich)
* 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 ))
