09/04/2023 (Nasdaq), Jakarta - Malaysian palm oil futures dropped for a fourth session on Monday, as market participants awaited March output data and export figures for the first ten days of April, due later in the day.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange dropped 1.29% to 3,745 ringgit ($850.17) per tonne in early trade, extending a 4.26% loss over the past three sessions.

FUNDAMENTALS

* Investors are awaiting Malaysian Palm Oil Board (MPOB) data and cargo surveyor's export figures for April 1-10, due later on Monday, to determine further price direction.

* A Reuters' survey ahead of MPOB data forecast Malaysia's palm oil inventories tumbling to an eight-month low of 1.77 million tonnes at end-March, as exports soared ahead of the month of Ramadan.

* Dalian's most-active soyoil contract DBYc1 dropped 1.06%, while its palm oil contract DCPc1 was trading sideway. The Chicago Board of Trade BOcv1 rose 0.35%.

* 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 3,740 ringgit per tonne, a break below which could open the way towards a range of 3,683-3,718 ringgit, said Reuters technical analyst Wang Tao. TECH/C

MARKET NEWS

* Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains. O/R

* Asian shares inched higher, while the dollar started the week on the front foot after the U.S. jobs data underscored a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month. MKTS/GLOB

DATA/EVENTS (GMT)

The 2023 Spring Meetings of the World Bank and the International Monetary Fund take place in Washington D.C. (until Apr. 16)

($1 = 4.4050 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-drops-for-fourth-session-output-data-awaited