01/05/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures rose on Tuesday, recouping losses after the market suffered its deepest monthly loss in seven on weak exports and larger Indonesian supply.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 45 ringgit, or 1.35%, to 3,383 ringgit ($758.86) a tonne during early trade, setting it on course to end a six-session decline.

In the previous session, the contact hit its lowest closing since September.

FUNDAMENTALS

* Malaysia's palm oil exports during April fell 18% from the month before, cargo suveyor Intertek Testing Services said on Sunday.

* Indonesia said last week that it will lower its mandatory domestic sales threshold for palm oil producers to 300,000 tonnes a month starting in May, although traders said uncertainties over the policy remains.

* Soyoil prices on the Chicago Board of Trade BOcv1 rose 0.64%. The Dalian exchange for closed for a public holiday.

* 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 shares wobbled in cautious trade on Tuesday, while the dollar was firm ahead of a series of data releases and central bank meetings that begins with the Reserve Bank of Australia later in the day. MKTS/GLOB

DATA/EVENTS (GMT)

0430 Australia RBA Cash Rate May

0600 UK Nationwide house price MM, YY April

0750 France S&P Global Mfg PMI April

0755 Germany S&P Global/BME Mfg PMI April

0800 EU S&P Global Mfg Final PMI April

0830 UK S&P GLBL/CIPS Mfg PMI April

0900 EU HICP Flash YY April

0900 EU HICP-X F, E, A&T Flash MM, YY April

1400 US Factory Orders MM March

US Federal Open Market Committee starts its two-day meeting on interest rates

($1 = 4.4580 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-rises-from-seven-month-low-weak-exports-cap-gains