VEGOILS-Palm declines on easing concerns over global edible oil supply
16.05.2021 (www.nasdaq.com) - KUALA LUMPUR, May 17 (Reuters) - Malaysian palm oil futures fell nearly 1.5% on Monday as trade resumed after a long holiday weekend, with easing concerns over dwindling global edible oil supply weighing on the market.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slid 60 ringgit, or 1.40%, to 4,225 ringgit ($1,021.89) a tonne in early trade.
Malaysian markets were closed last Thursday and Friday after a half-day trade on Wednesday for holidays.
FUNDAMENTALS
* Exports of Malaysian palm oil products for May 1-15 rose 17.1% to 685,114 tonnes from 585,280 tonnes shipped during April 1-15, cargo surveyor Intertek Testing Services said on Saturday.
* The U.S. Department of Agriculture (USDA) last week projected corn stocks at the end of the 2021/22 marketing year rising to 1.5 billion bushels, above most analysts' expectations.
* Dalian's most-active soyoil contract DBYcv1 fell 0.6%, while its palm oil contract DCPcv1 declined 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 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 retreat into a range of 4,331 ringgit to 4,393 ringgit per tonne, to fill a gap forming on May 12, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian share markets turned mixed as data on Chinese retail sales missed expectations though industrial output stayed solid, while more evidence of global inflation pressures helped gold to a three-month peak. MKTS/GLOB
DATA/EVENTS
0600 UK Claimant Count Unemployment Change April
0600 UK ILO Unemployment Rate March
0900 EU GDP Flash Estimate QQ, YY Q1
1230 US Housing Starts Number April
($1 = 4.1345 ringgit)
(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)