The Edge Markets (15/04/2020) - KUALA LUMPUR (April 14): Malaysian palm oil futures dipped on Tuesday as concerns rose over rising stockpiles amid the coronavirus outbreak curbing global demand, but losses were limited by prospects of exports resuming to India.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slipped 19 ringgit, or 0.85%, to 2,227 ringgit ($515.75) per tonne by 0310 GMT, after dropping nearly 3% in the previous session.

FUNDAMENTALS

* India, the world's biggest importer of palm oil, said on Monday imports of refined palm oil could recommence after being restricted in January, although with conditions attached.

* Oil prices rose on Tuesday after a U.S. agency said shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* Dalian's most-active soyoil contract fell 1.3%, while its palm oil contract fell 1.5%. Soyoil prices on the Chicago Board of Trade gained 0.3%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS

* Asian stocks bounced on Tuesday on hopes the coronavirus outbreak may be peaking, though sentiment was cautious ahead of Chinese trade data and corporate earnings as investors worried about a deep global recession.

DATA/EVENTS

0630 India WPI Inflation YY March

N/A China Exports, Imports YY March

N/A China Trade Balance March

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