12/03/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures traded lower in a tight range on Monday, under pressure from weakness in rival Dalian edible oils, although the contract was supported by lower inventories and upbeat export demand.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange slid 2 ringgit, or 0.07%, to 4,090 ringgit ($911.93) a tonne during early trade.

FUNDAMENTALS

* Malaysia's benchmark crude palm oil prices are expected to stay supported at 4,000 ringgit ($885.15) a tonne in the near term due to tight availability of surplus, the Malaysian Palm Oil Association (MPOA) said on Saturday.

* Malaysia's end-February palm oil inventories tumbled to the lowest in six months as production and imports plummeted, data issued by the nation's palm oil board showed on Friday.

* Exports from Malaysia during March 1-10 surged between 45.3% and 52.1% from the same period in February, cargo suveryors said on Friday.

* Dalian's most-active soyoil contract DBYcv1 fell 1.6%, while its palm oil contract DCPcv1 lost 1.5%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.7%.

* 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 more into a range of 4,006 ringgit to 4,052 ringgit per tonne, driven by a wave c, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* U.S. stock futures rallied in Asian trade on Monday as authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB), while investors wagered a rate hike this month was no longer a certainty. MKTS/GLOB

DATA/EVENTS (GMT)

0700 UK Claimant Count Unem Chng Feb

0700 UK ILO Unemployment Rate Jan

0700 UK HMRC Payrolls Change Feb

Euro group finance ministers meet in Brussels

($1 = 4.4850 ringgit)

Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-tracks-dalian-oils-lower-but-strong-exports-support