VEGOILS-Palm oil slumps 3% ahead of export data
24.04.2023 (Nasdaq) - KUALA LUMPUR, April 25 (Reuters) - Malaysian palm oil futures fell sharply on Tuesday as the market reopened after the Eid holidays, down for a third consecutive session to hit a more than one-week low.
The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 122 ringgit, or 3.29%, to 3,583 ringgit ($807.71) a tonne during early trade.
FUNDAMENTALS
* Cargo surveyors are scheduled to release April 1-25 export data for Malaysia later in the day.
* Shipments during April 1-20 fell 25.8% from a month earlier, independent inspection firm AmSpec Agri Malaysia reported last week, while cargo surveyor Intertek Testing Services reported a 20.3% decline.
* Dalian's most-active soyoil contract DBYcv1 fell 0.5%, while its palm oil contract DCPcv1 eased 0.5%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.08%.
* 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 break a support at 3,680 ringgit per tonne, and fall into a range of 3,601 to 3,637 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Stocks fell broadly, while the U.S. dollar also weakened early on Tuesday, as investors weigh corporate earnings and economic growth outlooks in a busy week. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY March
1000 UK CBI Business Optimism Q2
1400 US Consumer Confidence April
1400 US New Home Sales-Units March
($1 = 4.4360 ringgit)
(Reporting by Mei Mei Chu; Editing by Rashmi Aich)
((Meifong.chu@thomsonreuters.com))
https://www.nasdaq.com/articles/vegoils-palm-oil-slumps-3-ahead-of-export-data