The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.88%, to 3,481 ringgit ($784.89) a tonne during early trade.
FUNDAMENTALS
* Exports from Malaysia during the May 1-15 period rose 4%
from the same period in April, according to cargo surveyor
Intertek Testing Services on Monday. AmSpec Agri Malaysia,
another cargo surveyor, said exports rose 5.2%.
* Indonesia set its crude palm oil reference price at
$893.23 per tonne for the period of May 16-31, a trade ministry
decree published on Monday showed.
* The UN aid chief said on Monday efforts will continue in
coming days to extend a deal allowing the safe Black Sea export
of Ukraine grain, a pact Russia has threatened to quit on May 18
over obstacles to its grain and fertilizer exports.
* Soyoil prices on the Chicago Board of Trade were
down 0.2% amid forecasts of record U.S production. Dalian's
most-active soyoil contract gained 0.2%, while its palm
oil contract lost 0.1%.
* 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 test a support at 3,498 ringgit per tonne, a
break below could open the way towards 3,418 ringgit, Reuters
technical analyst Wang Tao said. MARKET NEWS
* Asia stocks mostly held firm on Tuesday despite
weaker-than-expected Chinese economic data, with investors
expecting the world's second-biggest economy to provide policy
support. DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng April
0600 UK ILO Unemployment Rate March
0600 UK HMRC Payrolls Change April
0900 EU Total Trade Balance SA March
0900 EU GDP Flash Estimate QQ, YY Q1
0900 Germany ZEW Economic Sentiment May
0900 Germany ZEW Current Conditions May
1230 US Retail Sales MM April
1315 US Industrial Production MM April
($1 = 4.4350 ringgit)
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(Reporting by Mei Mei Chu; editing by Uttaresh Venkateshwaran)
* 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 ))
