The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.64%, to 3,580 ringgit ($807.22) a tonne during early trade.
It fell for a third consecutive session to its lowest since May 5.
For the week, the contract has declined 0.58% so far.
FUNDAMENTALS
* Traders are anticipating production in Malaysia and
Indonesia to rise in May, after Malaysia suffered a 7% monthly
output decline in April.
* Dalian's most active soyoil contract fell 1.4%,
while its palm oil contract lost 2.1%. Soyoil prices on
the Chicago Board of Trade were 0.02%.
* 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 bounce to 3,707 ringgit per tonne as it has
stabilized around a support of 3,563 ringgit, Reuters technical
analyst Wang Tao said. MARKET NEWS
* Most Asian share markets were subdued on Friday and the
dollar held onto its gains from safe-haven flows, after soft
economic data from U.S. and China magnified concerns of a global
slowdown, although Japanese stocks outperformed. DATA/EVENTS (GMT)
0600 UK GDP Est 3M/3M March
0600 UK GDP Estimate MM, YY March
0600 UK GDP Prelim QQ, YY Q1
0600 UK Manufacturing Output MM March
0645 France CPI (EU Norm) Final MM, YY April
1230 US Import Prices YY April
1400 US U Mich Sentiment Prelim May
($1 = 4.4350 ringgit)
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(Reporting by Mei Mei Chu; Editing by Janane Venkatraman)
* 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 ))
